The Bank for International Settlements (BIS) has stated that cryptocurrency is not suitable as a monetary tool due to its inherent structural flaws. The report, sent to finance ministers of the world's twenty largest economies, cited issues of instability, inefficiency, and accountability that outweigh potential innovative benefits such as automated payments.

Despite the involvement of millions of retail and institutional investors, the report claims that crypto has failed to harness innovation for the benefit of society and remains largely self-referential. The report comes ahead of a meeting of G20 finance ministers and central bank governors, who appear to be cautious about stablecoins and their potential impact on centralized monetary policy.