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Central banks step up fight against cryptocurrencies
By Eva Szalay
Financial Times, London
Wednesday, June 23, 2021
Central banks have intensified their criticism of cryptocurrencies as battle over the monetary system escalates, arguing that digital tokens such as bitcoin have few redeeming features and "work against the public good."
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In a report published today, the Bank for International Settlements, the global body for central banks, also dismissed stablecoins -- a link between crypto and conventional assets -- as an "appendage" to traditional money.
The strongly worded report was the clearest signal yet from central banks that they are ready to fight any effort to undermine their key role in the global financial system.
Cryptocurrency prices are under pressure because of investors' growing fear that they face increased regulation. ...
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