- 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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