Global: The New Head of the Bank for International Settlements (BIS) about Cryptocurrencies: Stop Trying to Create Money

Basler Zeitung

Agustin Carstens, the new head of BIS talked about cryptocurrencies in an interview: Cryptocurrencies are a form of investment or an asset instead of money; despite the hype cryptocurrencies are a speculative bubble, a pyramid scheme, and an environmental catastrophe. The latter because of the high energy consumption required for the infrastructure of these cryptocurrencies. Thus central banks and governments should increase investor and consumer protection. He also suggested that the younger generation should use their talents and abilities better for innovation, but not to reinvent money because it is a fallacy to believe that money can be made from nothing. (German)

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