BIS Warns That Cryptocurrency Is Amplifying Financial Risks in Developing Economies

Bank authorities warn that cryptocurrencies may harm developing economies.

A man conducted a transaction at a cryptocurrency shop in Hong Kong, on Nov. 21, 2022. Sung Pi-Lung/The Epoch Times

The Bank for International Settlements (BIS) has claimed that cryptocurrency assets are amplifying rather than reducing financial risks in emerging market (EM) economies.

The report, which was published on Aug. 22, recommended that regulators should oversee crypto the same way they monitor other assets, according to warnings from central banks worldwide.