Head of BIS Calls for Clampdown on Bitcoin

Head of BIS Calls for Clampdown on Bitcoin

Cryptocurrencies like bitcoin are becoming a “threat to financial stability,” warns the head of the Bank for International Settlements. General manager of the BIS, Agustín Carstens, warns bitcoin is nothing more than “a combination of a bubble, a Ponzi scheme and an environmental disaster.” It’s hard to consider cryptocurrencies as stable financial tender when their value is rapidly depreciating. Bitcoin has lost more than two-thirds of its market value in the past month alone.

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