Researchers at the Bank for international settlements published a report which notes that issued by the Central banks of the cryptocurrency can compromise the stability of the global financial system.
So, according to the authors of the report produced by the Central banks of the cryptocurrency can create competition Vietnam money. This can subsequently lead to a rise in interest rates, as traditional money will be “removed” from the system of commercial banks.
“The introduction of digital currencies, Central banks will entail fundamental problems that go far beyond payment systems and mechanisms for the implementation of monetary policy”, — the report says.
Also, according to the researchers, crypto-currencies Central banks can cause instability in the operation of commercial banks. In addition, the introduction of such tools will lead to a significant increase in the role of Central banks in the financial system.
“They [national cryptocurrency] can make an overly significant role of Central banks in allocating economic resources. In turn, this may result in overall economic losses, especially if the allocation of resources to such organizations will be less efficient than the private sector, emphasize the researchers. — This can lead banks in uncharted territory, and also to cause amplification of political interference”
We will remind, in February the General Manager of the Bank for international settlements, Agustin Carstens harshly criticized cryptocurrency called bitcoin “a bubble, a Ponzi scheme and environmental disaster.”