Stablecoins ‘perform poorly’ as money, central banks warn
BIS says they fail crucial tests for a sound currency and are exploited by criminals
BIS says they fail crucial tests for a sound currency and are exploited by criminals

Fears that they make it easier for criminals to move money around are based on a misconception

They are no substitute for money, even if usage is growing fast

Asset-backed digital currencies could pose risks to bedrock of global financial system

Central bank partly backs down after industry criticism over plan for digital tokens

Digital tokens perceived as safe assets come with hidden risks for retail investors, says Jean Tirole

Banks say rules governing the digital currency are a risk to financial stability. Are they just trying to stamp out competition?