The Food Standard Agency, a regulator in the UK has successfully completed a test program in which it evaluated the viability of blockchain technology in supply chain management.
The bank in its report calls cryptocurrencies to be a speculation driven instrument instead of having any attributes of money.
The report notes that the ICO market has matured a lot over the last year with improving legal aspects and investor relations.
This has resulted into a considerable drop on the charts in the Bitcoin hashrate.
A group of banks in Europe have selected IBM to build a blockchain platform that is to be used by small businesses to finance cross-border orders.
The new service is specifically aimed towards institutional hedge funds and other big clients.
BTCC will also reward new user on its platforms with point for completing the verification which can be redeemed against its own digital tokens.
European Parliament does not expect cryptocurrency to challenge the economic power of central banks in the near future.
The PBS has said that the banks have refused to do business with crypto firms despite no such regulatory rule being imposed by the government.
The deputy governor asked financial institutions not to have much exposure to digital assets and develop a risk assessment framework while dealing with them.