Crypto May Exacerbate Financial Crises In Emerging Economies: BIS Warns Of ‘Illusory Appeal’

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Emerging economies face heightened financial risks due to cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ether (CRYPTO: ETH), according to a study by the Bank for International Settlements (BIS), a prominent global central bank consortium. Despite some proponents advocating for digital assets as a solution to issues like costly transaction fees and rampant inflation in developing nations, the BIS report suggests otherwise. This analysis was conducted by the BIS’s Consultative Group of Directors of Financial Stability (CGDFS), with members from countries including Brazil, Canada, and the Unite…

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