Recently, the Bank for International Settlements (BIS) released a report stating that globally, the scale of cross-border cryptocurrency payment funds dominated by speculative investment has reached hundreds of billions of US dollars.
This study released by the Bank for International Settlements on May 8th shows that in the last observation period covered by the analysis – the second quarter of 2024, using the two largest market capitalization cryptocurrencies, Bitcoin (BTC, with a price of $103,701) and Ether (ETH, with a price of $2,631), And cross-border payments made between the two largest stablecoins, Tether (USDT, priced at $0.9999) and the US dollar (USDC, priced at $0.9999), with a total amount of approximately 600 billion US dollars.
The Bank for International Settlements stated: “Our research findings indicate that speculative motives and global capital conditions are the key factors driving the flow of native crypto assets.” This conclusion reveals the core driving force of the current cross-border cryptocurrency payment market and also highlights the high speculative risk existing in this market. Due to the lack of strict regulation in the cryptocurrency market and its sharp price fluctuations, this kind of cross-border payment activity dominated by speculation not only may cause instability in the financial market, but also provides a breeding ground for illegal activities such as money laundering and illegal fund transfers, posing a huge challenge to global financial regulation.
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