Bank for International Settlements Manager: Limits of Bitcoin and Blockchain Should Be Examined
The long-standing debates about the credibility, general acceptance and adoption of cryptocurrency is nowhere near its end. People have in the past argued both ‘for' and ‘against' mainstream adoption of digital currencies.
A notable one was by Agustin Cartens, the general manager at Bank of International Settlements (BIS), who during a recent interview presented his views on cryptocurrencies and blockchain tech. He said:
“Bitcoin or Cryptocurrencies in general are interesting… the main issue I take with cryptocurrencies is the term currencies. And i think they are not currencies, they are not good store of value, they are not good medium of exchange, they are not good unit of account. I think the attempt to have them come into life as a way to substitute legal tenders and fiat currency is a failed attempt.”
Many Have Tried And Failed
He buttressed his points by stating that in the past, a couple of attempts were made to replace fiat money, which all failed in time. He added:
“.. they have a role as crypto assets.. they have a room for financial assets in general but not cash”
Various Blockchain Applications
Cartens, being the GM of the Bank of International Settlement, recognized the power blockchain tech and the various possible applications in the settlement system, stating that it should be “explored to its limits”.
He concluded by saying:
“Blockchain by itself is not sufficient to think of a different monetary arrangement in a country.”
One should also check out the latest from Andreas Antonopoulos and his constantly updated Youtube channel: