Economics
Bitcoin Could Break the Internet, Central Bank Overseer Says
- Swiss-based BIS says cryptocurrencies have design flaws
- Blockchain can’t handle or replace current payment system load
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The Bank for International Settlements just told the cryptocurrency world it’s not ready for prime time -- and as far as mainstream financial services go, may never be.
In a withering 24-page article released Sunday as part of its annual economic report, the BIS said Bitcoin and its ilk suffered from “a range of shortcomings” that would prevent cryptocurrencies from ever fulfilling the lofty expectations that prompted an explosion of interest -- and investment -- in the would-be asset class.