The single digital currency? For bankers and financiers, Bitcoin (BTC) and cryptocurrencies seem to be summed up in a single word: « risks ». If they love their future Central bank digital currencies (CBDC) respective, they hate these ugly currencies decentralizedtotally out of their control. The Bank for International Settlements (BIS) proves this once again by praising MNBCs in a report, to better press BTC and cryptos into another.
Cryptocurrencies: a « risky risk » to be avoided according to the BIS
The Bank for International Settlements on Tuesday, July 11, 2023, two reports addressed to the finance ministers and central bank governors of the countries of the European Union. G20. While the former says all the good things the « bank of banks » thinks about MNBCthe second report – which we will focus on here – goes down in flames decentralized cryptocurrencies.
Right from the title of this twenty-page document, we see the negative bias of these central bankers: « The crypto ecosystem: key elements and risks ».. PAF! Even before the body of the report, right from the title, we’re treated to the following fetish word used by bankers to describe Bitcoin and its ilk. From a keyword search, « risk(s) » appears 99 times in these few pages. Selected excerpt:
« An excellent example concerns stablecoins, which rely on the credibility [des devises fiduciaires] and can present risks for monetary sovereignty. (…) while decentralized finance (DeFi) mainly reproduces the services offered by the traditional financial system, it does not finance any activity in the real economy, but rather amplifies the « risks » associated with it. risks (…) Cryptocurrencies and DeFi present significant risks substantial risks for investors (especially retail investors) ».
>> If earning 1 bitcoin still seems too risky, please don’t click on this link (commercial link) >>
Bankers declare Bitcoin « unfit » as a currency
The report then spends its time taking only the negative aspects attributed to crypto-assets, but most of which also exist in traditional finance (and in far more worrying proportions!).
Thus, for the Bank for International Settlements, the « inherent structural defects to cryptocurrencies make them « unfit to play a constructive role in the monetary system ». The report’s conclusion makes it clear that bankers are very annoyed by the innovations brought about by the cryptosphere. « are « encroaching on their traditional financial system, with a growing success.
« (…) millions of individual users as well as more and more institutional investors have entered the cryptocurrency ecosystem in recent years. (…) Cryptocurrency has so far failed to harness innovation for the benefit of society. (…) It suffers from inherent shortcomings related to stability and efficiency, as well as accountability and integrity. (…) «
All right, then, don’t throw any more bankers. We understand that you don’t like innovations that deprive you of your privilege of minting moneyif only a little. It is for this very reason that, in addition to systematically denigrate Bitcoin & Co, the big money makers are committed to developing their precious central bank digital currency… Before competition crypto competition becomes too strong, despite their cries of rage about this unexpected loss of their power over money.
Do you prefer Bitcoin to MNBC? Register now on Binance THE leading crypto platform, for your chance to win the game and add 1 BTC to your portfolio. What do you decide?