The BIS presents its case for CBDC, against crypto in two short reports.
In preparation for a meeting of the G20 finance ministers and central bank governors this month, the Bank for International Settlements Innovation Hub submitted two reports — on cryptocurrency and central bank digital currencies — on July 11. The reports reached very different conclusions about the related technologies.a short overview of the crypto ecosystem of cryptocurrencies, stablecoins and decentralized finance , followed by a laundry list of “[s]tructural flaws and risks.
Another comparatively rare insight the BISIH crypto report provided was the risk from human nature. Crypto investors, it pointed out, are inclined to chase prices — that is, buy high and sell low — just as is often seen in traditional finance.But the BISIH saw the real risk from crypto as its growing interconnectedness with the real economy.
The BISIH has implemented 12 CBDC proofs-of-concept or prototypes over the past three years, out of 29 total projects, and has learned valuable lessons, it
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