Odaily News: The Bank for International Settlements (BIS) stated in its report sent to the finance ministers of G20 economies that cryptocurrencies have inherent structural flaws that make them unsuitable as monetary instruments.

The report points out issues such as cryptocurrency instability, inefficiency, and lack of accountability, which outweigh potential innovative benefits like automatic payments.

The report also states that despite the participation of millions of retail and institutional investors in this rapidly growing industry, cryptocurrencies have so far failed to leverage innovation for the benefit of society. (CoinDesk)