Central Bankers' Attack on Crypto is ‘a Legacy Vision’ Failure to
As the Bank for International Settlements’ (BIS), also known as "the central bank of central banks," tried to monopolize trust in money with its new report this week, analysts stress that it simply represents “a legacy vision” that brings a number of new risks, and the BIS fails to recognize “revolutionary benefits” of the still-nascent crypto industry. The BIS report’s chapter on the future monetary system was officially unveiled on Tuesday this week, with one particular comment from BIS General Manager Agustín Carstens receiving attention from the crypto community:“My main message today is simple: the soul of money belongs neither to a big tech nor to an anonymous ledger. The soul of money is trust.”According to Ben Caselin, the Head of Research and Strategy at crypto exchange AAX, the BIS with its report and corresponding comment underscores that it is “a legacy institution protective and in favor of a legacy vision for digital money.”“When it comes to the ‘soul of money’ there can be no neutrality and the latest report by BIS underscores this,” Caselin told Cryptonews.com. He added that the fiat system already suffers from “currency debasement and arbitrary policy changes.” Central bank digital currencies (CBDCs) are an effort at keeping this going for longer, with added risks around “privacy, financial autonomy and ultimately, inclusion,” he said. Moreover, AAX’s research head pointed out that Bitcoin (BTC) – as an alternative to CBDCs – continues to see adoption in both developed and emerging markets. And according to Caselin, those who adopt BTC also see it “as a hedge against oppression and violence.”“Adopting a non-sovereign currency that is not controlled by any single entity and that cannot be claimed by any single country allows people to reimagine and redefine citizenship and enable them to take basic but core values and rights into the new digital economy ahead,” Caselin said. According to crypto broker GlobalBlock analyst Marcus Sotiriou, the new report from the BIS is right on some points, such as the importance of safety and stability for a global monetary system. What the report fails to recognize, however, is that the crypto industry is just 13 years old, and that “we are still going through the testing phase,” Sotiriou told Cryptonews.com.“There will be many project failures, like we have seen with UST stablecoin, but this is part of the process of natural selection. We can compare this to the dotcom bubble, where most technology companies failed but some became the biggest and most innovative companies in the world today,” he said. This week, a similar statement was made even by Bank of England Deputy Governor Jon Cunliffe, who also compared the current crash with the dotcom boom."A lot of companies went, but the technology didn’t go away. It came back 10 years later, and those that survived -- the Amazons and the eBays -- turned out to be the dominant players," he was quoted as saying by Bloomberg. All data is taken from the source: http://cryptonews.com Article Link: https://cryptonews.com/news/central-bankers-attack-on-crypto-is-a-legacy-vision-failure-to-recognize-revolutionary-benefits-of-defi-analysts.htm #bis #cryptocurrencyfordummies #gbtcprice #bitcoinsvnews #btctousdcalculator #bitcoincurrentvalue #
Know someone who'd love this clip?
Share it with friends and fellow fans.
