The Bank for International Settlements, which is an international financial organisation of 63 central banks of the world, has warned that the risks of decentralised digital currency are already becoming apparent.
It said in an annual report that since November 2021, the entire value of the cryptocurrency industry has fallen by more than $2 trillion.
The BIS has outlined its vision for the monetary system’s future, one in which central banks use the technological advantages of Bitcoin and its ilk to develop digital versions of their own currencies. Many believe it will prepare children for the Internet and help them avoid cryptocurrency, according to a report in NDTV.
In other news, Bitpanda has announced that it would reduce its headcount from 1,000 employees to 730. As crypto winter sets in, Web3 companies are finding themselves in the difficult position of cutting staff. Other companies slashing employees include Crypto.com, Bitso, Buenbit, BlockFi, and Coinbase.
The company has...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...