Use of blockchain for retail transactions would cripple the Internet: Central Bank overseer

The Bank for International Settlements, which is also known as the central bank of central banks, said bitcoin is "a poor substitute for the solid institutional backing of money" in a part of the annual report released on Sunday.

The BIS counted multiple “shortcomings” behind its opinion. It said cryptocurrencies are too unstable, consume too much electricity, and are subject to too much manipulation and fraud to ever serve as bona fide mediums of exchange in the global economy.