Hands off our international money cartel, says the BIS

Leo Zhang

By Leo Zhang

The Chief of the Bank of International Settlement Agustin Cartsens has spoken out against cryptocurrency before, and now he's on again: calling Bitcoin "young people trying to create money from thin air." Mr. Cartsens predicted a bad ending for cryptocurrencies, and stated without any apparent irony that "creating gold or money from nothing has been a regular obsession. It never worked." The BIS is co-owned by major global central banks and serves as a "bank for central banks." In September 2017 the BIS released a working paper on its own version of a central bank cryptocurrency.

BIS Chief to crypto coders: 'Stop trying to create money!'
(CoinDesk, by Wolfie Zhao)

"In an interview with a Basel-based media outlet on June 30, Agustín Carstens took aim at cryptocurrencies and reiterated his belief that they represent 'a bubble, a Ponzi scheme and an environmental disaster,' according to a transcript published by the BIS on Wednesday."

Swiss banks seem to view cryptocurrencies differently:

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"The biggest roadblock for Switzerland to allow the use of cryptocurrencies is the fear of money laundering. The problem has to be resolved effectively and as quickly as possible to allow the growth of the crypto industry. Zug has adopted various technologies to take the initiative of developing crypto forward. It has recently announced the success of blockchain technology in voting systems."

Technical Updates

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Decred's hybrid protocol, a superior deterrent to majority attacks
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News & Commentary

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