The recent blunders in the crypto sphere have invited the harshest of remarks from leading figures of traditional finance. The recent ones are coming from no one else but the bank of banks itself. Matteo Aquilina, a senior economist from the Bank of International Settlement along with Jon Frost and Andreas Schrimpf co-authored a Thursday bulletin that acutely hits on cryptocurrencies and their future.
While sharing the views of the bank of technology, the bulletin said,
“Recent developments underscore that the decentralization in crypto and DeFi markets is illusory,” they said, reiterating the bank’s stance from last year.”
The bulletin went on to explain that the main objective of cryptocurrencies is to get away from financial intermediaries. However, they rely heavily on centralized entities that go against their core ideas. The bulletin rhetorically continued to demand the regulators look out for options that cannot be evaded while also being feasible to implement on a large scale.
Why Banks Are Averse to Cryptocurrencies?
Banks and other central entities of traditional finance are raising their voices against cryptocurrencies as cryptos are gaining unforeseen popularity all over the world. This not only goes against the interest of banks but also threatens the central entities by reducing their control over the flow of money in economies.
Apart from that, central banks see cryptocurrencies as a competing force rather than an aid to the present financial ecosystem. The governor of the Reserve Bank of India, Shaktikanta Das, also compared cryptocurrencies with gambling and requested the government to treat it with regulations decided for gambling.
“Anything whose valuation is dependent entirely on make-believe is nothing but 100 percent speculation, or to put it bluntly, it is gambling. In our country, we do not allow gambling. If you want to allow gambling, treat it as gambling and lay down the rules”, said Shaktikanta Das. ...Read More
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