Jinse Finance reported that the Bank for International Settlements (BIS) issued a report to the finance ministers of the G20 economies, saying that the inherent structural defects of cryptocurrencies make them unsuitable as monetary tools. The report pointed to problems with cryptocurrencies such as instability, inefficiency and accountability, which outweighed potential innovative benefits such as automated payments. The report also said that despite the participation of millions of retail and institutional investors in the growing industry, cryptocurrencies have so far failed to harness innovation for the benefit of society.