The organization believes that it is too early because it is a technology that has not yet been fully tested.
Institutional mistrust over forms of financing based on crypto-coins is spreading in recent months, in a movement similar to its peak. The ICOs or initial currency offerings have increased exponentially in 2017, drawing the attention of lawmakers in their rapid speculative growth.
The ban in China of such deals earlier this month, in which the startups issue their own cryptomoneda for investors to acquire, caused days later to close one of the country’s main bitcoin markets. To this must be added the warnings of the main financial institutions of several countries, as United States or United Kingdom.
In this line are the recommendations of the Bank for International Settlements . The organization has issued its quarterly report, which claims that it is too early to determine whether central banks should issue their own cryptones , says Reuters .
The BIS argues that banks already work with electronic money, since only a small part of their assets is essentially backed by gold. But this electronic money is exchanged centrally, through the central bank itself. On the other hand, a criptomoneda issued by the latter institution would not need an intermediary.
Central banks, the report explains, may have to decide individually on whether to issue a separate cryptonegion, either for commercial transactions or for any institutional use. To do this, they must take into account not only the preferences of the user, but certain issues related to the financial system, monetary policies and the economy as a whole.
The Bank for International Settlements argues that, as it is such a recent technology, it is not yet proven to the level necessary for central banks to launch to work with it. The BIS stresses that it is difficult to fully assess the risks that can occur.