As the Bank for International Settlements’ (BIS), also known as "the central bank of central banks," tried to monopolize trust in money with its new report this week, analysts stress that it simply represents “a legacy vision” that brings a number of new risks, and the BIS fails to recognize “revolutionary benefits” of the still-nascent crypto industry.
The BIS report’s chapter on the future monetary system was officially unveiled on Tuesday this week, with one particular comment from BIS General Manager Agustín Carstens receiving attention from the crypto community:
“My main message today is simple: the soul of money belongs neither to a big tech nor to an anonymous ledger. The soul of money is trust.”
'A legacy institution'
According to Ben Caselin, the Head of Research and Strategy at crypto exchange AAX, the BIS with its report and corresponding comment underscores that it is “a legacy institution protective and in favor of a legacy vision for digital money.”
“When it comes to...
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