Central Banks Pen Scathing Letter On Cryptocurrencies: Challenges Outweigh Innovation
Portfolio Pulse from Murtuza Merchant
The Bank for International Settlements (BIS) has expressed concerns about the suitability of cryptocurrencies as financial instruments due to structural defects. The BIS cited the losses from the FTX (CRYPTO: FTT) fiasco and the Terra (CRYPTO: LUNA) collapse as examples. The report also highlighted the risks associated with hacks and 'rugpulls', as well as scaling issues for blockchains.
July 11, 2023 | 7:28 pm
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NEGATIVE IMPACT
The BIS report citing the FTX fiasco as an example of the risks associated with cryptocurrencies could negatively impact the perception of FTX.
The BIS report directly mentions the FTX fiasco as an example of the risks associated with cryptocurrencies. This could lead to a negative perception of FTX, potentially impacting its price in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The BIS report citing the Terra collapse as an example of the risks associated with cryptocurrencies could negatively impact the perception of Terra.
The BIS report directly mentions the Terra collapse as an example of the risks associated with cryptocurrencies. This could lead to a negative perception of Terra, potentially impacting its price in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70