The Bank of International Settlements (BIS) has published a report on cryptocurrencies and explains that the technology has serious “flaws.” BIS researchers insist that permissionless blockchains have “inherent limitations” that lead to network congestion and high fees.
BIS Report: ‘Crypto Has So Far Failed to Harness Innovation to the Benefit of Society’
In its latest report, the Bank of International Settlements (BIS) claims that cryptocurrencies in their present form are not suited to work with the global economy. BIS researchers stress that while the industry “operates under the banner of decentralization,” in practice “centralized intermediaries have played a key role in channeling funds into the crypto universe and intermediating within it.”
The BIS report details that the splintered landscape of the crypto sector sharply counters the unifying, ripple-like impact observed in conventional networks. The crypto industry, leaning heavily on decentralized validati
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