Posted on

How Could You Not Trust This Face?

This dear readers is Mr. Agustin Carstens, General Manager of the Bank of International Settlements based in Basel Switzerland. The BIS is ” an international financial organisation owned by 60 member central banks, representing countries from around the world that together make up about 95% of world GDP”

Agustin Carstens, the General Manager of The Bank of International Settlements.

Earlier today Mr. Carstens weighed in on cryptocurrencies branding them as:

“..a combination of a bubble, a Ponzi scheme and an environmental disaster.”

With cryptocurrencies being almost completely decentralised, the term “conflict of interest” comes to mind. Why does Mr. Carstens feel the need to use such bombastic terms? In addition, he adds:

“..for money to keep its value, it must be backed by accountable institutions which enjoy public trust. Here, central banks are key.”

 

I’m inclined to take his comments as a sure sign cryptos are getting something right. The full text of his speech can be downloaded here.

Thank you Mr. Carsten. You words are music to the ears of Crypto supporters everywhere!

Leave a Reply

Your email address will not be published. Required fields are marked *