The head of the Bank for International Settlements (BIS) continued the institution’s critical stance on cryptocurrency, saying it “cannot assume the functions of money,” BIS reports July 4.

Speaking to Swiss newspaper Basler Zeitung last week, subsequently published by BIS itself, general manager Agustin Carstens cautioned “young people” against “trying to create money,” drawing comparisons to Bitcoin mining.

“Those who have the biggest incentive in the system of these so-called cryptocurrencies are those who produce the assets - the miners… This incentive, however, is not compatible with maximising the usefulness of money,” he told the publication.

“Cryptocurrencies do not fulfil any of the three purposes of money. They are neither a good means of payment, nor a good unit of account, nor are they suitable as a store of value. They fail dramatically on each of these counts.”

The BIS had caused outrage when it published an article dealing with cryptocurrency in June, mainstream media widely reporting its highly suspicious outlook on the phenomenon versus fiat currency.

Keep writing FUD like this. In the attempt to discredit crypto-currencies you are only discrediting yourselves.

BIS: Bitcoin could bring Internet to a halt