Central banks say cryptos no substitute for existing system

The world’s central bankers, perhaps understandably, are arguing that crypto-currencies will never replace them. This year’s Economic Report from the Bank of International Settlements (BIS) contains a damning assessment of Bitcoin and other crypto-currencies. While “crypto-payment systems” show some promise for “small-value cross-border transfers,” the BIS argues that “a range of shortcomings” will prevent crypto-currencies […]