Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Fierce Bitcoin Critic Admits Crypto Assets Have a Role in Global Finance

by Daily Hodl Staff
June 6, 2019
in Blockchain

Speaking at the Conference on Technology-Enabled Disruption, Agustín Carstens, the general manager of the Bank of International Settlements, questions the lack of “tangible assets” backing cryptocurrencies and asks for more clarity for consumers.

Carstens has taken a long, hard stance against Bitcoin and cryptocurrencies, denouncing them as “fake money” and imploring young people to “stop trying to create money.” As the banker for over 60 central banks powering a well-established, global financial system that includes Sveriges Riksbank, a 351-year-old institution, the economist says the incumbents are facing pressure from above and below – from tech giants to startups. 

Today Carstens’s language has softened on the prospects of crypto and the pace of change.

Less strident and more open to the idea of living with digital currencies, he categorizes them as both disruptive and innovative.      

“They have a role as a crypto asset. If you have an asset that is out there, and some people may want to intervene there, there might be some room for that. What I would want to see is to have more clarity in terms of what the assets are. Giving some guidance to potential investors to have clear rules, and so on.”

Despite exploring the new space that cryptos are occupying in the financial markets, Carstens draws a hard line on cryptocurrencies that aim to be spent by everyday shoppers and consumers using digital wallets.

Says Carstens,

“They might have room as part of financial assets in general but not as cash or cash substitute.”

In a blog post for Reuters, Carstens writes,

“Today’s cryptocurrencies, for example, do not fulfill money’s basic premise: to serve as a unit of account, a means of payment and a store of value. Central banks have called out the false promises made by the creators of cryptocurrencies and will remain alert to potential threats to monetary stability.”

Carstens calls central banks the “guardians of stability”.

As for blockchain, Carstens says the innovation is a very powerful technology and explains how central banks are approaching the new landscape.

“At the same time, they are actively exploring the possibilities that the underlying distributed ledger technology opens up for payments, clearing and settlement systems as well as digital currencies.”

Watch Agustín Carstens speak about digital currencies and blockchain with @RobSKaplan at the conference on technology-enabled disruption organised by @DallasFed @AtlantaFed & @RichmondFed pic.twitter.com/VArCoZWkzl

— Bank for International Settlements (@BIS_org) June 4, 2019

As crypto and digital ledger technology innovators in the finance sector are reducing cross-border settlement times from days to minutes, streamlining paperwork and driving efficiency by building cost-effective blockchain-based systems that can eliminate ancient banking procedures, central banks are, according to Carstens, maintaining their edge.

“Navigating new waters may require recalibrating the compass, but central banks will always have their pole star.”

[the_ad id="42537"] [the_ad id="42536"]
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Former Navy SEAL and Author Willard Chesney Joins CBS SEAL Team Actor Justin Melnick With NFT Collection Release on the ReserveBlock RBX Network, Proceeds To Benefit the Boot Campaign
    August 16, 2022
  • Oraichain Introduces Accelerator Program for DApps Building on Its AI Layer One Ecosystem
    August 15, 2022
  • DAM Finance Receives Strategic Investment From Arrington Capital Moonbeam Growth Fund
    August 11, 2022
  • Metaverse, Web 3.0 Disruption and Blockchain Advancement To Be Discussed at MetaWeek in Dubai
    August 11, 2022
  • DeFiChain Community Brings Attractive Rewards for DFI ERC-20 Pairs on Uniswap
    August 8, 2022
  • Bware Labs Announces the Blast Incentivized Testnet, Code-Named Houston
    August 8, 2022
  • Aurigami Collects $12 Million War Chest To Grow Aurora-Based Lending Protocol
    August 2, 2022
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,961.42
$23,961.42
0.59%
Ethereum
$1,884.23
$1,884.23
0.95%
Cardano
$0.568036
$0.568036
2.02%
XRP
$0.376982
$0.376982
0.53%
Dogecoin
$0.08588
$0.08588
10.89%

Spotlight

  • Curve Finance Gives Update After $570,000 Worth of Ethereum (ETH) Goes Missing in Suspected Exploit
    August 10, 2022
  • Ethereum Flying off Exchanges While Bitcoin Moves in the Opposite Direction: Crypto Analytics Firm IntoTheBlock
    August 13, 2022
  • Analyst Who Called Bitcoin Collapse This Year Issues Fresh Warning for Altcoin Traders
    August 16, 2022
  • Mark Cuban Reveals Low-Cap Altcoin Portfolio, Including ApeCoin (APE) and Five Additional Crypto Assets
    August 9, 2022
Finance Magnates London Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2022 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2022 The Daily Hodl