Switzerland Bank Releases Damaging Report (Cryptocurrency)

2 Years ago / News / Business and Finance

The central bank of central banks, the Swiss-based Bank for International Settlements, included a chapter titled ‘Cryptocurrencies: Looking beyond the hype’ in its annual economic report, where it severely criticized cryptocurrencies. The report trivialized the ability of blockchain to reform the financial transaction systems, citing several challenges regarding environmental impact, scalability, and others. It also included other criticisms. Similarly, the report has obviously attracted a lot of criticism from the crypto community. Circle CEO, Jeremy Allaire, termed it “very shallow,” as it included outdated information and regarded the protocol and function of Bitcoin to be synonymous with the rest of the market’s assets.