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Crypto fears now materialising, central bank body BIS says

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Reuters UK

By Marc Jones LONDON (Reuters) – Recent implosions in the cryptocurrency markets indicate that long-warned-about dangers of decentralised digital money are now materialising, the Bank for International Settlements has said. The BIS, the global umbrella body for central banks, sounded the warning in an upcoming annual report, in which it also urged more effort in developing appealing central bank digital currencies. BIS general manager Agustin Carstens pointed to recent collapses of the TerraUSD and luna ‘stablecoins’, and a 70% slump in bitcoin, the bellwether for the crypto market, as indicat…

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