Central bankers claim bitcoin could break the internet — the crypto world thinks they’re missing the point

REUTERS/Carlos Jasso

• The Bank of International Settlements on Sunday said bitcoin is “a poor substitute for the solid institutional backing of money.”
• Critics in the crypto world say the report missing the point — bitcoin and other cryptocurrencies are still in development and shouldn’t be judged yet.
• Circle CEO calls the report “shallow” and said: “They’re not looking at what’s actually going on in terms of the real R&D in this space.”

LONDON — Who’s right about bitcoin: the Bank of International Settlements (BIS) or cryptocurrency advocates?

The BIS, which is often dubbed the central bank of central banks, released a chapter from its upcoming annual report on Sunday dismissing bitcoin as “a poor substitute for the solid institutional backing of money.”

See the rest of the story at Business Insider

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