CryptoWatch: Lack of trust will limit cryptocurrency adoption, says BIS

Recent regulatory clarity from the U.S. Securities and Exchange Commission had digital currency evangelists claiming victory. The final hurdle, according to them, was being addressed and it was time for the long-awaited crypto adoption to take off.

Not so fast says the Bank for International Settlements.

While hard-core proponents like the Winklevoss twins say those who can’t see the potential of bitcoin and other digital currencies as a global currency, lack imagination, the BIS, which provides services to the world’s central banks, concluded that adoption of decentralized technology lacks one crucial component: trust.

“Trust can evaporate at any time because of the fragility of the decentralized consensus through which transactions are recorded.

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