Breaking News
0

Crypto Prices Fall as BIS Urges Central Bank To Study Digital Currency Risks

Cryptocurrency NewsMar 13, 2018 12:38AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Cryptocurrencies’ price fell on Tuesday

Investing.com – Cryptocurrencies’ price fell on Tuesday as a report by the Switzerland-based Bank for International Settlements (BIS) said digital coins remain far too risky to be used as legal tender any time soon.

Bitcoin was trading at $9,243.2 by 11:38pm ET on the Bitfinex exchange, down 1.8% over the previous 24 hours.

Ethereum, the world’s second largest cryptocurrency by market cap, was down 1.1% at $704.56 on the Bitfinex exchange.

Ripple’s XRP token slipped 1.6% to $0.78460 on the Poloniex exchange.

Meanwhile, Litecoin was trading 3.5% lower at $178.48.

BIS’s report on Monday gathered attention as it said digital coins could potentially be issued by policy makers for tasks including settling payments among financial institutions in the future, but at the same time such virtual currencies might destablize traditional lenders, and that central banks must study the risk and rewards on such new form of money.

The BIS also highlighted that digital currencies could fall victim to illegalities, either as a direct target or a means of transaction.

“General-purpose central-bank digital currencies could revolutionize the way money is provided and the role of central banks in the financial system, but these are uncharted waters,” said Benoit Coeure, a European Central Bank board member who chairs the BIS Committee on Payments and Market Infrastructures.

Coeure added that a lot more experiments and experience are required before central banks could even consider issuing their own digital currencies, generally known as CBDCs.

The BIS then concluded although digital currencies and their underlying technologies have the potential to make settlement of securities and derivatives transactions more efficient, the proposals so far look too similar and not clearly superior to the existing ones.

Crypto Prices Fall as BIS Urges Central Bank To Study Digital Currency Risks
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email