The BIS stands for the Bank of International Settlements; it’s basically the hub for all Central Banks.
They have great power to direct regulation and laws that will severely impact the future of finance, and the portfolios of those holding crypto assets.
Has it been a threat in the past? Yes, because when you look at a lot of the dubious transactions that are taking place, a lot of the criminal activities payments that are taking place very often you find some crypto assets.
There were a few mentions of Ethereum during panel discussions, but nothing for or against by any of the main speakers.
Can there be a world where there is no controlling human mind? His answer is no, but he concedes DeFi will make designing regulations much more complicated.
Among second generation crypto assets so-called stable coin or banked assets try to reduce their volatility by anchoring themselves to fiat currencies and sovereign assets.
Nic Carter refutes the Free Banking comparison and shows how the monetary elite are often wrongheaded about stablecoins.
John Williams stated that stablecoins have potential for cross border and wholesale payment purposes.
They don’t serve as a medium of exchange due to fluctuating values, lack of transparency, and extreme cost of transactions.
CBDC is a particularly important priority for the Hub with five completed projects and at least three more to come this year.
What all this says about the payment system has a lot to do with whether Central Bank Digital Currencies take over in which case we won’t need DeFi as part of the payment system.
Central Banks need to stand at the forefront of these developments to ensure that technology is a force for positive transformation; they need not only to put in place policies to address these changes but to innovate themselves.
Although most say no decision has been made as yet, the seductive nature of additional financial control through this technology will be irresistible.
I believe the climate change argument against Bitcoin is the primary reason institutional buying has dried up and the price is still 40% below the all-time high.
Ethereum: As Ethereum moves from proof of work to proof of stake later this year, it can escape the characterization of being an environmental offender.
Other than hating Bitcoin, loving CBDCs, and being tolerant of some stablecoins, they just aren’t talking about any other tokens.
Disclosure: I/we have a beneficial long position in the shares of BTC-USD, ETH-USD, XRP-USD either through stock ownership, options, or other derivatives.