BIS head says cryptocurrency is a ‘Ponzi scheme’ that poses a threat to financial stabilityThe price of bitcoin fell below $6000 (£4300) for the first time this year as a leading central banker said it posed a threat to financial stability and signalled a global clampdown on the cryptocurrency.
The fresh head of the Bank for International Settlements,Agustín Carstens, said bitcoin had become a combination of “a bubble, and a Ponzi scheme and an environmental catastrophe” that threatened to undermine public trust in central banks.
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Source: guardian.co.uk