The Bank for International Settlements warns people not to ignore the trend of Bitcoin

nThe attitude of the central banks around the world on digital money has always been one of the key concerns. At present, the world’s largest central bank – the Bank for International Settlements before the change of silence, pointing out that people need to pay attention to the trend of Bitcoin, can not turn a blind eye to it. However, given the recent strong opposition from financial experts and governments to digital money, the bank’s remarks are still unaware of the implications of other central banks’ policies.n
nTranslated by: Inan
Central banks have long been ignoring Bitcoin and digital currency, and most of these institutions have warned people not to invest in Bitcoin. But the impact of these warnings is now no big, by the digital money lovers and the general public ignored. In fact, the world’s largest central bank – the Bank for International Settlements has said that ignoring the trend of bitcover is a wrong way.n
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Bank for International Settlements does not oppose Bitcoinn
The support of financial institutions for Bitcoin is of great importance. These banks have a clear reason for opposing digital money, after all, they can not control this new currency. It is widely believed that the government’s ban on Bitcoin transactions is often frustrated by the fact that they are unable to obtain the profits of such currencies.n
Central banks in many countries have taken a more cautious attitude. In most cases, they only warn people of the risk that digital money is not subject to regulation in a country and the investment in the currency itself. These opinions are necessary, but they also apply to any other form of investment in terms of risk factors. Compared to traditional investment, Bitcoin may bring more revenue, but it may also cause more losses.n
The support of the Bank for International Settlements in Switzerland is a significant development of Bitcoin. The world’s largest central bank said that no one should ignore the bitcover boom. Previously, the institution had remained silent on the issue of Bitcoin, and had never taken any clear position. Which in itself is quite unusual, because Bitcoin is likely to make most and even all financial institutions are closed.n
The Bank for International Settlements now recommends that the central bank issue its own digital currency. The concept of the central bank’s digital currency has been mentioned several times, but it has not yet seen a clear action. For countries with accelerated cash use, such as Sweden, making this decision is time-sensitive.n
While the Bank for International Settlements gives these comments, digital money is in a less optimistic situation. CEO of JPMorgan Chase recently said that Bitcoin is completely fraudulent, hoping to manipulate the price of Bitcoin. China has also suppressed its domestic digital currency transactions. Thus, in this case, the future development of Bitcoin becomes intriguing.n
Finally, as to whether we can see the emergence of the central bank’s digital currency in the future, everything remains to be seen. At present, it seems impossible, because there is no specific action. But that does not mean that we must not see more central banks in the future to consider issuing their own digital currency. While the BIS statement is appealing, it is unclear whether other agencies will pay attention.n

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