The head of BIS_org has emphasized the need for regulation in the crypto space to prevent a potential financial earthquake cryptocurrency finance regulation
He likened the battle between cryptocurrencies and fiat money to a fierce struggle but stated that the war had already been won.
Carstens emphasized that the most crucial aspect of crypto activities is to prevent a systemic impact, likening it to a potential financial earthquake. To prevent this metaphorical earthquake, Carstens underscored the need for regulation in the crypto space. He pointed out the importance of protecting consumers and investors and ensuring exchanges operate fairly.The BIS's focus in 2023 will be on stablecoins and central bank digital currencies , which Carstens compared to new building blocks for a modern financial system.
Regarding the G20 meeting in India, Carstens anticipates a strong statement in favor of regulation. He said that the most important body of the G20 in terms of financial activities is the Financial Stability Board, where ministers of finance, regulators, and central banks get together to decide the main rules of the game for the international financial system. Each country will decide which particular approach they will follow in terms of the alternatives that are out there.
"One of the main issues related to lack of sufficient inclusion is that precisely transaction costs are very high. Therefore, to manage small payments or to give access to small firms or services to people in remote areas is still a major problem," Carstens said.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden Declares 'Kyiv Stands' in Surprise Visit to UkrainePresident Biden paid an unannounced visit to Ukraine to meet with President Volodymyr Zelenskyy in a defiant display of Western solidarity with a country fighting what he called “a brutal and unjust war” days before the anniversary of Russia’s invasion.
Read more »
Majority of bitcoin retail investors lost money in the last seven years: BISA data report from the Bank for International Settlements estimates that the median bitcoin retail investor lost nearly half their investment over the last seven years, and highlighted a call for international governmental coordination in policies towards digital assets.
Read more »
Biden declares ‘Kyiv stands’ in surprise visit to UkrainePresident Joe Biden has left Kyiv, Ukraine, after an unannounced visit to meet President Volodymyr Zelenskyy. Monday’s visit was a gesture of solidarity coming days before the one-year annive…
Read more »
Trading on major exchanges spiked following collapse of Terra, FTX: BIS reportA report from the Bank for International Settlements shows major exchanges notably increased their activity after the collapse of Terra and FTX.
Read more »
Steve Bannon declares war over James O'Keefe being 'terminated'Former White House chief strategist Bannon alleged that it's suspicious that O'Keefe was removed after Project Veritas started looking into Pfizer.
Read more »