BIS: central banks must act on cryptocurrencies

Agustin Carstens warns against proliferation of cryptocurrencies without regulatory framework

Falling value: bitcoin extends recent losses, dropping below $6,000 – down from its $20,000 peak in December

Bitcoin and other cryptocurrencies have become a combination of “a bubble, a Ponzi scheme and an environmental disaster”, the head of the Bank for International Settlements has warned.

Agustin Carstens, general manager of the BIS, highlighted in a paper, published on February 6, the risks associated with the proliferation of cryptocurrencies, which he deemed “not sustainable as money”.

“The unhappy experience with private forms of money raises deep questions about whether the proliferation of

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