Bank of Israel Says Crypto Smart Contracts May Need Oversight

Bank of Israel says crypto smart contracts may need oversight. Researchers taking part in the central bank’s first technological experiment on digital currencies said smart contracts can be written in "malicious" ways that lead to losses for cryptocurrency users, according to a report published by the institution on Monday. The Bank of Israel ran tests using an Ethereum-based blockchain to examine how payments are made between two virtual wallets, analyzing the systems by which the transactions were executed and the level of privacy they afforded users.