While the central banks of some countries are hoping to be a part of the virtual currency revolution, the Bank for International Settlements (BIS) is concerned about the repercussions of going digital.
A cashless society is definitely the way of the future, a future that some governments and banks are trying to be a part of. Central bank digital currencies (CBDCs) may be an abomination of decentralized cryptocurrencies, but it is happening.
Sweden’s Riksbank is hoping to offer its e-Krona and the Bank of England has a cryptocurrency unit to help it along its virtual currency journey.
The world’s top central bank has said that the creation of crypto’s, by central banks could revolutionize the global financial system.But the Bank for International Settlements says such a move would also carry fraud risks and expose banking centers to a risk of cyber attacks. pic.twitter.com/0k8BLlxhhH
— Lords Of Crypto (@LordsOfCrypto) March 13, 2018
BIS Voices its Concerns
However, according to Business Insider UK, the Bank for International Settlements (BIS) has stated that these bank-issued virtual currencies could have dire consequences for the global financial system.
A report written by Klaus Löber, who is a Senior …
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