Cryptocoins – an “ecological disaster,” BIS chief says

Central banks need to be prepared to intervene and counteract the risks created by digital currencies, such as bitcoin, which have become a “combination of speculative bubble, pyramid scheme and ecological disaster,” said Agustin Carstens, general manager of the Bank of International Settlements (BIS), according to The Wall Street Journal.

Agustin Carstens (public domain photo)

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Agustin Carstens, a former governor of the Central Bank of Mexico, is the latest in a series of decision-makers who have ruled against digital currencies after Bitcoin, the best known cryptocoin, has seen a spectacular rise of over 1,000% in 2017.