The Bank For International Settlements (BIS) Claims Fiat Has Already Defeated Cryptos

According to Taiwanese media on February 23rd, Agustin Carstens, the general manager of the Bank for International Settlements (BIS) stated that fiat currency has already defeated cryptocurrency. “That battle has been won,” Carstens said in a Bloomberg TV interview. “A technology doesn’t make for trusted money.” Cryptocurrency has been regarded as a substitute for traditional currency and is often touted as a savior to solving past problems of traditional currency, featuring borderless payment, low transaction fees, and fast and free circulation. However, with the collapse of many bourses of cryptocurrency last year, this advantage has instead become a concern for people. “Only the legal, historical infrastructure behind central banks can give great credibility to money,” Carstens said, adding he anticipates a “strong statement from the Group of 20 for strengthened regulation of the digital-asset sector.” Crypto is a financial activity that can really only exist “under certain conditions,” he said. This shows that most cryptocurrencies on the market have not met these conditions, what makes people trust them is transparent, immutable blockchain technology and guarantees that customer funds will not be misappropriated. The report pointed out that only by leveraging its advantages and securely and perfectly replacing traditional fiat currency, can cryptocurrency truly become the protagonist of the next generation.