Page 23 - The GSE Report March-April 2018

MONETARY POLICY
MJARN.U-AARPYR.20210818
THE TOP TEN CRYPTOCURRENCIES
Market capitalization of the major cryptocurrencies
In March, the Bank of International Settlement warned of the destabilizing effect of cryptocurrencies if used by the general public and urged regulators to consider regulating private crytocurrencies.
Fiat digital currencies are a revolutionary tool that central banks should consider, but they remain far too risky for use a legal tender in the immediate future, according to BIS. “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 ECB board member, who chairs the BIS Committee on Payments and Market Infrastructures. More experimentation and experience would be needed before central bank digital currencies could be considered, according to BIS. (Bloomberg Technology, Jana Randow, 03/12/18)
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