Calls for the regulation of cryptocurrencies are increasing. Agustín Carstens, the director of the Bank for International Settlements, is a supporter, but also a longtime crypto-skeptic.
Among central banks, the least that can be said is that cryptocurrencies are not popular. Their representatives follow one another to denounce the risks represented by these currencies.
Speculation, volatility, terrorist financing … there are plenty of arguments against Bitcoin and other crypto-assets. Agustín Carstens, the director of the Bank for International Settlements (BIS), also brandishes these threats.
Crypto? A “simple speculative vehicle”
In an interview with CNBC, he believes that these currencies are an escape from the laws. Thus, these cryptocurrencies would free themselves from the fight against money laundering and the financing of terrorism.
As a result, they should be subject to stricter regulation, calls the leader. Are not these successive statements by central bank representatives above all motivated by other reasons?
Do cryptocurrencies not first threaten fiat currency and monetary sovereignty? In no way does Agustín Carstens believe. According to him, their role is confined to that of ” speculative vehicle “.
” I don’t see any domination of the currencies “, Further declares the boss of the BRI, who also disputes any breakthrough” as currency », Especially for payments. Yet that is the function of one category of them: stablecoins.
The uses of stablecoins are “limited”
But for Carstens, the applications of stablecoins remain “ limited “. So don’t worry central bankers. Due to these restricted uses, “ I do not see any challenge (…) to the sovereign money coming from these currencies Private, he considers.
These words are directly reminiscent of those of Fed boss Jerome Powell: “ Stablecoins may have a role to play with proper regulation, but that role will not be to form the basis of a new global monetary system. ”
Not a threat to states, cryptocurrencies should still be regulated for these leaders. This speech could well materialize. Deutsche Bank expects crypto-assets to be regulated from the end of 2021 or the beginning of 2022.
In an interview with Yahoo Finance, the founder of the hedge fund Bridgewater Associates (150 billion dollars), even declares probable a ban of Bitcoin in the United States. This policy would replicate that applied to gold in the 1930s