Cryptocurrencies cannot scale to become a medium of exchange? That’s what Bank of International Settlements thinks!

In this cryptocurrency news pick of the day, we look at the latest report from the Bank of International Settlements. The bank has said that cryptocurrencies cannot scale to replace money in the financial economy. They have said that cryptocurrencies have three shortcomings: scalability, stability of value and trust in the finality of payments. Clearly, the banks don’t understand all the facets of this technology and this is yet another attempt from a centralized institution to take down a technology which is threatening the very existence of banks.

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