“The report by the International Institute of Finance, which represents more than 450 banks and financial institutions, said more regulation of bitcoin exchanges and transactions could strengthen its legitimacy among consumers and ease regulators’ doubts about it. Said the report, its functionality and ultimate success ‘is determined by programmers – and their goodwill is taken for granted’. Thus the IIF characterised bitcoin as effectively a ‘fiduciary currency’ with no intrinsic value. ‘Despite bitcoin’s ‘ingenious features’, it cannot provide a currency of stable value, and its use as a broadly accepted medium of exchange appears limited,’ the report concluded.”
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