Cryptocurrencies are speculative assets that in many instances enable criminal activity and "work against the public good", the Bank for International Settlements (BIS), the global body for central banks, said.
"It is clear that cryptocurrencies are speculative assets rather than money, and in many cases are used to facilitate money laundering, ransomware attacks and other financial crimes," the BIS said in a report published on its website.
Bitcoin, the world’s largest cryptocurrency in particular has “few redeeming public interest attributes when also considering its wasteful energy footprint,” it said.
Central banks around the world have been reluctant to endorse cryptocurrencies because of their speculative nature, lack of value and regulatory oversight. The Central Bank of the UAE also does not recognise cryptocurrencies as a legal tender.
Stablecoins can "fragment the liquidity of the monetary system and detract from the role of money as a coordination device ... ultimately [they are] only an appendage to the conventional monetary system and not a game changer", the BIS said.
Central banks are responsible for financial and monetary stability, the BIS said. Unlike Bitcoin and other digital tokens that lack any supervision, central banks are "accountable ... [and] play a pivotal role in payment systems".
"In their roles as operators, overseers and catalysts, [central banks] pursue key public interest objectives in the payments sphere: safety, integrity, efficiency and access", the BIS added.
As regulators, central banks have multiple roles: to provide the unit of account in the monetary system, provide the means for ensuring the finality of wholesale payments by using their own balance sheets as the ultimate means of settlement, ensure that the payment system works smoothly and oversee the payment system's integrity, while upholding a competitive level playing field.
“At times of stress, the central bank's role in liquidity provision takes on a more urgent form as the lender of last resort,” it said.
The BIS said central bank digital currencies (CBDCs) should be viewed in the context of the functions of a regulator in the monetary system.
"Wholesale CBDCs are for use by regulated financial institutions. They build on the current two-tier structure, which places the central bank at the foundation of the payment system while assigning customer-facing activities to PSPs (payment system providers)," it said.
CBDCs are a form of digital money, denominated in the national unit of account, which is a direct liability of the central bank. CBDCs can be designed for use either among financial intermediaries or by the wider economy.
Central bank digital currencies can contribute to an open, safe and competitive monetary system that supports innovation and serves the public interest, the BIS said.
"CBDCs could form the backbone of a highly efficient new digital payment system by enabling broad access and providing strong data governance and privacy standards based on digital ID," the BIS said. "To realise the full potential of CBDCs for more efficient cross-border payments, international collaboration will be paramount."
ICC T20 Rankings
1. India - 270 ranking points
2. England - 265 points
3. Pakistan - 261 points
4. South Africa - 253 points
5. Australia - 251 points
6. New Zealand - 250 points
7. West Indies - 240 points
8. Bangladesh - 233 points
9. Sri Lanka - 230 points
10. Afghanistan - 226 points
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ETwig%20Solutions%20(with%20trade%20name%20Twig)%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2021%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EChafic%20Idriss%2C%20Karam%20El%20Dik%20and%20Rayan%20Antonios%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3Ebootstrapped%20(undisclosed)%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E13%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-seed%20%E2%80%94%20closing%20the%20round%20as%20we%20speak%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20senior%20executives%20from%20the%20GCC%20financial%20services%20industry%20and%20global%20family%20offices%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Canada
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How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
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6025 – Dh20
6027 – Dh 100
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
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2 Kuwaiti teams
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Gran Gala del Calcio 2019 winners
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Best Coach: Gian Piero Gasperini (Atalanta)
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The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
Results
2pm: Handicap (PA) Dh80,000 1,600m; Winner: AF Al Baher, Bernardo Pinheiro (jockey), Ernst Oertel (trainer).
2.30pm: Handicap (TB) Dh100,000 1,600m; Winner: Talento Puma, Xavier Ziani, Salem bin Ghadayer.
3pm: Handicap (TB) Dh90,000 1,950m; Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
3.30pm: Jebel Ali Stakes Listed (TB) Dh500,000 1,950m; Winner: Mark Of Approval, Patrick Cosgrave, Mahmood Hussain.
4pm: Conditions (TB) Dh125,000 1,400m; Winner: Dead-heat Raakez, Jim Crowley, Nicholas Bachalard/Attribution, Xavier Ziani, Salem bin Ghadayer.
4.30pm: Jebel Ali Sprint (TB) Dh500,000 1,000m; Winner: AlKaraama, Antonio Fresu, Musabah Al Muhairi.
5pm: Handicap (TB) Dh100,000 1,200m; Winner: Wafy, Richard Mullen, Satish Seemar.
5.30pm: Handicap (TB) Dh90,000 1,400m; Winner: Cachao, Tadhg O’Shea, Satish Seemar.
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