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Central banks increase pressure on cryptocurrencies

The Bank for International Settlements says cryptos ‘all tend to work against the public good’

Central banks are increasing the pressure on cryptocurrencies, warning that they are not in the public interest, as they continue to strive to be the future of finance.

Cryptocurrencies established within the private sector “all tend to work against the public good,” according to the Bank for International Settlements (BIS), the Switzerland-based bank for the world’s central banks.

The BIS made bitcoin the target of its criticism, suggesting its carbon footprint is wasteful, and that it is a highly speculative asset used to facilitate crime.

The comments come as bitcoin has made recent leaps to establishing its future as an alternative means of payment for goods and services, including becoming legal tender in El Salvador, despite its market price crashing in recent months.

The price of bitcoin fell to below $30,000 earlier this week for the first time since January but then bounced back a bit. In April it peaked at over $63,000.

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In the UK, the Bank of England is still looking at lunching its own digital currency. The governor, Andrew Bailey, said earlier in June that it would be a step to move the country into a new era.

China has been developing a digital yuan, while the US Treasury secretary, Janet Yellen, has expressed support for a digital dollar.

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