‘Cripto is not communism’ – Ekec slams bis’ take on cripto

The Bank for International Settlements’ (BIS) for insulating the crypto market and its controversial recommendations on DEFs and StableCoys is “dangerous” for the entire financial system, warns of the boss blockchain investment firm.

“Many of their recommendations and conclusions – perhaps due to the mixture of fear, arrogance or ignorance – are completely uninformed and honestly, dangerous,” President of the coin Christopher Perkins said in post 19. April, referring to a report in BIS titled “Cryptocurrencies and decentralized finances: functions and implications of financial stability.”

Recommendations BIS exhibits tradfies to risk “unimaginable scope”

“Cripto is not communism,” Perkins said, pushing at the BIS call to access “retention” to the insulation of cropto from traditional finances and the wider economy.

“It’s a new internet that gives anyone access to connecting financial services,” Perkins said. “You can’t control it more than you manage the Internet,” he added.

Perkins warned that the CRIPTO detention approach to the traditional financial system on the mass risks of liquidity of “unthinkable volume”, especially when the cropto market works in real time, 24/7, while traditional financial markets work is shut down after trading hours.

“If they are implemented, they will not cause – not to alleviate – the systemic risk they want to prevent.”

The report warned that it was number Investors and quantities of capital in Kryptou And the Defy “reached a critical mass”, and the protection of investors became “significant concern for regulators”.

Perkins pushed back against BIS claims that definitely represents significant challenges, and instead of representing “significant improvement” through “opacity” and imbalance of the traditional financial system.

Related: The crippto industry does not experience regulatory capture – lawyer

Appropriate concerns for the anonymity of the programmer definitely, Perkins questioned its relevance:

“Sorry, but when was the last time Tradfi published a list of its developers? Of course, public companies give the degree of disclosure and transparency, but they seem to die in favor of private markets.”

Perkins also criticized the worry of the bis about Stablecoins to make it possible to “macroeconomic instability in countries like Venezuela and Zimbabwe”.

“If there is a demand for stableCoys USD and helps improve the condition of anyone in the developing world, maybe it’s a good thing,” Perkins said.

Perkins was not in criticism of the controversial report. Lathespark co-founder Christian Cataini also weighed, publishing a series of criticism in X on the same day. Catalini summarized the report with analogy:

“Consider: Writing parking regulations for driving driving fleet – serious work, two technological jumps behind.”

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