Note from the CEO: Hey everybody, come on over to the new hot party. Yeah, that other old stodgy FX party is so last year. This new Bitcoin party has the “A” crowd. Yup, times are a’changing.
For the first time in fifteen years daily foreign exchange volumes have declined. The BIS (Bank of International Settlements), which is owned by the world’s central banks, is concerned since shrinking FX volume has a negative effect on liquidity and could threaten financial stability. It seems to be a trend and an obvious positive vote for bitcoin.
“Daily foreign exchange market volumes have shrunk for the first time in 15 years, according to the Bank for International Settlements (BIS). Banks are increasingly becoming worried as the BIS, which is owned by central banks, warns them of impending financial stability risks. On the other hand, the bitcoin price continues to rise, reaching its highest level in the last three years.
The Bank for International Settlements Is Worried
The magnitude of foreign exchange trade shrinkage is alarming banking authorities.
The BIS is carefully analyzing the downsizing of FX markets. Sixty central banks comprise the BIS, representing 95 percent of the world GDP.
Specifically, the BIS indicates, “Global FX turnover fell to $5.1 trillion per day in April 2016, from $5.4 trillion in April 2013.”
Read Full Story at News.Bitcoin.com