It is an uphill trek for Bitcoin and cryptocurrencies in general – weathering the wall of regulations that begin to be raised around them by the monetary authorities of many countries. It seems to be a lie, but Bitcoin’s own growth is attacking its stability since it was tolerated by the authorities while it was nothing more than a mosquito that buzzed in one’s ears.
The opinion expressed by the new director general of the BIS is very instructive in this sense, warning that the operation of cryptocurrencies takes advantage of the structure of the payment system to which it aims to displace through the use of blockchain technology.
It is very striking what Agustín Carnsten, the new head of the BIS, says: “If authorities do not act pre-emptively, cryptocurrencies could become more interconnected with the main financial system and become a threat,” he said. “Most importantly, the meteoric rise of cryptocurrencies should not make us forget the important role central banks play as stewards of public trust. Private digital tokens masquerading as currencies must not subvert this trust.”