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LONDON: Cryptocurrencies are not scalable and are more likely to suffer a breakdown in trust and efficiency the greater the number of people using them, the Bank of International Settlements (BIS)said on Sunday in its latest warning about the rise of virtual currencies.
LONDON: It is too soon to determine whether central banks should issue their own cryptocurrencies, the Bank for International Settlements (BIS) said on Sunday, as the risks could not yet be fully assessed and the technology underpinning them is still unproven.
Lloyds Banking Group Plc said on Sunday it would ban its credit card customers from buying Bitcoin and other cryptocurrencies.
KUALA LUMPUR: S&P Market Intelligence views cryptocurrencies as a speculative instrument that would have an insignificant effect on global financial stability if its value were to collapse.
Cryptocurrencies are hogging the limelight. They are also creating a clear division in opinion. Because it essentially involves the raising of public monies, traditional finance professionals are pooh-poohing them. Top bankers are calling them the biggest fraud of the century. Its believers, though, are plodding along because no one is really stopping them.
DUBAI: Gold trader Regal RA DMCC has become the first company in the Middle East to be awarded a licence by the Dubai Multi Commodities Centre (DMCC) to trade in cryptocurrencies.
WASHINGTON: The head of the World Bank compared cryptocurrencies to “Ponzi schemes,” the latest financial voice to raise questions about the legitimacy of digital currencies such as Bitcoin.
Kuala Lumpur: Bank Negara Malaysia (BNM) is still deciding if cryptocurrencies should be banned altogether in Malaysia.