Swiss bank looks into cryptocurrency and doesn’t like what it sees: report

Swiss Bank of International Settlements says cryptocurrency has no future

The Bank for International Settlements 2018 economic report concludes that decentralized cryptocurrencies have a range of shortcomings. The main problems are related to the degree of decentralization. Creating the required trust in such a setting wastes huge amounts of computing power and decentralized storage of a transaction ledger is inefficient, according to the report.

On the other hand, it notes, while cryptocurrencies do not work as money, the underlying technology may have promise in other fields such as low-volume cross-border payment services.