A survey report last week from the Bank for International Settlements (BIS), the so-called central bank of central banks, makes for interesting reading. While it is not an approval of cryptocurrency by any means, it does suggest that some forms of digital currency are gaining credence among regulators. Some 66 central banks, representing 90% of the world’s economic output, took part in the survey in 2019.

It’s a long road to hoe, but my colleague Tom Lee maintains that cryptocurrencies suffer a lack of interest from institutions in particular, who are cautious about a (for the most part) unregulated asset class. Ironically more regulation will bring more interest and that could propel cryptocurrencies.

The BIS paper essentially says that one in 10 central banks, covering countries representing more than one-fifth of the world’s population, may give people access to digital money issued by them in the next three years, as these institutions accelerate plans to issue official cryptocurrencies. They are, by definition, not decentralized private crypto currencies, like Bitcoin (BTC), for example.

But it could be used to pay for all sorts of personal items, and it’s no coincidence that developing nations in particular are looking at digital currency—just as many of...

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