BIS says banks face risks such as operational, security, governance, legal, and compliance issues with permissionless blockchains.
Open blockchains raise privacy concerns with visible transactions, and pseudonymity offers limited protection from cyberattacks.
The Bank for International Settlements (BIS) recently highlighted the complexities and risks banks face when engaging with permissionless blockchains in its latest working paper, published on August 28. The report from the Basel Committee on Banking Supervision outlines several concerns tied to these decentralized systems.
One key issue is the challenge of ensuring settlement finality. The paper stated that while the technology to mitigate some risks, particularly privacy issues, is evolving—such as zero-knowledge proofs—many solutions remain in development and have not yet been stress-tested.
Key Risks Identified for Banks Using Permissionless Blockchains
The BIS report identifies a range of risks, including oper
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