The Bank for International Settlements (BIS) has released a report highlighting the ineffectiveness of capital controls in managing cryptocurrency flows. Analyzing data from 2017 to 2024, the BIS found that capital flow management (CFM) measures have had a negligible impact on cryptocurrency adoption, and may even increase trading volume. The report emphasizes cryptocurrency's dual nature as both a speculative investment and a transfer mechanism. Stablecoins, it notes, are increasingly being used for cross-border remittances, potentially replacing traditional financial systems. This shift necessitates a reevaluation of the relationship between cryptocurrencies and the existing financial infrastructure. The BIS suggests that a more nuanced approach, focusing on regulation and international cooperation, is needed to address the challenges posed by cryptocurrencies. Ignoring them or relying solely on ineffective capital controls will likely be insufficient. ```