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A graphic of Bitcoin, at the 'Bitcoin Change' shop in Tel Aviv. Photo: Jack Guez / AFP / Getty Images

The head of the Bank for International Settlements, a Switzerland-based lender and think tank for central banks, is calling on central banks to intervene to prevent cryptocurrencies like Bitcoin from wreaking havoc on financial institutions globally, the WSJ reports. The official, Agustin Carstens, said Bitcoin is a “combination of a bubble, a Ponzi scheme and an environmental disaster.”

Why it matters: Carstens is not alone — central banks around the world are warning about risks surrounding cryptocurrencies, per the WSJ. This comes as the value of cryptocurrencies diminish worldwide and could indicate a looming crackdown against them.

The buzz:

  • “If authorities do not act pre-emptively, cryptocurrencies could become more interconnected with the main financial system and become a threat to financial stability,” Carstens said.
  • The President of the European Central Bank, Mario Draghi, said Monday that digital currencies are “very risky assets” and that the ECB is looking into those risks.
  • U.S. Federal Reserve Governor Randal Quarles said in November that cryptocurrencies could bring “more serious financial stability issues” if adopted widely.

Up next for U.S. regulation: The head of the CFTC, Christopher Giancarlo, and the chairman of the SEC, Jay Clayton, are testifying before the Senate Banking, Housing and Urban Affairs Committee on Tuesday. In prepared testimony, Clayton has identified cryptocurrency exchanges as a potential target for future regulation.

Go deeper: The dark side of cryptocurrencies: how rogue regimes are using them to evade sanctions

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  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
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Dan Primack, author of Pro Rata
Updated 8 hours ago - Economy & Business

Dunkin' Brands agrees to $11B Inspire Brands sale

Photo: Alexi Rosenfeld/Getty Images

Dunkin' Brands, operator of both Dunkin' Donuts and Baskin-Robbins, agreed on Friday to be taken private for nearly $11.3 billion, including debt, by Inspire Brands, a restaurant platform sponsored by private equity firm Roark Capital.

Why it matters: Buying Dunkin’ will more than double Inspire’s footprint, making it one of the biggest restaurant deals in the past 10 years. This could ultimately set up an IPO for Inspire, which already owns Arby's, Jimmy John's and Buffalo Wild Wings.

Ina Fried, author of Login
10 hours ago - Technology

Federal judge halts Trump administration limit on TikTok

Illustration: Aïda Amer/Axios

A federal judge on Friday issued an injunction preventing the Trump administration from imposing limits on the distribution of TikTok, Bloomberg reports. The injunction request came as part of a suit brought by creators who make a living on the video service.

Why it matters: The administration has been seeking to force a sale of, or block, the Chinese-owned service. It also moved to ban the service from operating in the U.S. as of Nov. 12, a move which was put on hold by Friday's injunction.