The Bank for International Settlements (BIS for its acronym in English) assured that cryptocurrencies, such as bitcoin, are speculative assets and in many cases are used to facilitate money laundering, ransomware attacks and other financial crimes.
In an analysis the BIS He stressed that the existing monetary system is being transformed. Retail payments are changing, with fewer cash transactions and more use of digital payments, particularly since the start of the pandemic, so users must have more options.
“At this point, it is clear that the cryptocurrencies they are speculative assets rather than money. The bitcoin, in particular, it has few redeeming public interest attributes when its wasteful energy footprint is also considered, ”said the BIS.
He assured that cryptocurrencies issued by central banks known as CBDCThey will offer unique advantages such as settlement strength, liquidity and integrity, making them an advanced representation of money for the digital economy.
The central bank’s interest in CBDC comes at a critical moment, when there is increasing attention to the bitcoin and others cryptocurrencies; in addition to the debate on stable coins; and the entry of large technology companies into payment and financial services.
El Salvador, risk per bitcoin
The rating agency Fitch Ratings indicated that the recent legislation of The Savior that establishes the bitcoin as legal tender, it will increase the regulatory, financial and operational risks of the financial institutions of that country, in addition to the potential to violate international regulations on money laundering and terrorist financing.
He stressed that the country must create the appropriate regulatory framework and finalize the platforms and payment systems for the conversion of bitcoin to dollars and regulators must announce detailed implementation guidance, however, the high level of price volatility of the digital currency will challenge its use as a store of value and means of payment.