Bank for International Settlements (aka BIS) take on Digital Cash
Executive Summary - 20% of Global could have Digital Cash in 3 short years, but on very tight leash!
Soup to Nuts on BIS views
The general manager of the BIS Agustin Carstens, condemned bitcoin as "a combination of a bubble, a Ponzi scheme and an environmental disaster" and said it was "piggybacking" on mainstream institutions and becoming a "threat to financial stability", an attempt to demonize Bitcoin as if it is somehow worse than central banking itself. These comments came out from Agustin's comments at the Hoover Institution policy seminar. And he didn't stop there...
So its better to control money as it prevents all crime and everyone lives in harmony? Perhaps he should come out from his Ivory tower and see the sheet show they have globally created. How does more power and control help this exactly?
To be fair to Agustin he is just pointing back to the BIS controlled demolition plan AKA ISO 20022. I wrote about it a few weeks ago.
Who is Bank for International Settlements https://www.bis.org/
Keep in mind that a recent Reuters BIS survey showed that over a quarter of central banks do not currently have the authority to issue a CBDC and about 48% remain unsure. See the BIS wants a staid controlled roll-out, so they can maneuver and jostle as necessary!
Recall just last year's BIS survey showed that 86% of major central banks are actively exploring CBDCs. Earlier in January, reports also emerged that the BIS Innovation Hub planned to embark on several CBDC-related trials in 2021.
What does this mean? we are still a few years away from global implementation - on a grand scale. I don't see the Chinese kowtowing to the BIS as they want full control and deem to get it. For certain BIS and Central Banks will attack Stablecoins they have already floated that idea, now comes the action.
Summary -When did picking winners and losers become mainstream? What happened to FREE Markets? We don't have anything close to Utopia today and BIS and Central banks will interfere with Digital Cash rollouts.
Deutsche Bank for Migration Chart