Cryptocurrencies are not scalable and are more likely to suffer a breakdown in trust and efficiency the greater the number of people using them, the Bank of International Settlements (BIS) said in its latest warning about the rise of virtual currencies.
- Bitcoin Could Break the Internet, Central Bank Overseer Says – Bloomberg
- Cryptocurrency Sellers Get Fresh Ammo from Critical BIS: Chart – Bloomberg
The euro was headed for its biggest weekly loss in 19 months after the European Central Bank unexpectedly said it would keep interest rates at record lows well into next year. Read More
Brazil’s antitrust watchdog fined Morgan Stanley and Royal Bank of Canada a total of 42.9 million reais ($11.6 million) for meddling with foreign exchange rates charged to clients. Read More