{"id":4337,"date":"2018-02-07T04:55:57","date_gmt":"2018-02-07T04:55:57","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=4337"},"modified":"2018-02-07T10:23:52","modified_gmt":"2018-02-07T10:23:52","slug":"agustin-carsten-bank-international-settlements-call-preemptive-strike-cryptos","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/agustin-carsten-bank-international-settlements-call-preemptive-strike-cryptos\/","title":{"rendered":"Bank of International Settlements Call For Preemptive Strike on Cryptos"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/02\/agust\u00edn-carstens.jpg\" alt=\"Agust\u00edn Carstens\" width=\"300\" class=\"alignleft size-full wp-image-4348\" \/>Agust\u00edn Carstens, the General Manager of the <a href=\"https:\/\/www.bis.org\/\">Bank for International Settlements<\/a>, has urged central banks across the world to act against crypto currency. Carstens believes crypto currency is a <strong>\u201cThreat to Financial Stability.\u201d<\/strong> While giving a lecture in Frankfurt, at an event was organized by a research centre called Sustainable Architecture for Finance in Europe, the <strong>BIS official stated<\/strong> that<\/p>\n<blockquote><p>\u201cauthorities must be prepared to act against the invasive spread of crypto currencies to protect consumers and investors.\u201d<\/p><\/blockquote>\n<p>Carstens began by defining what is money and why a token released by a block chain network cannot be a dependable form of currency. According to him, a currency which is not backed by a major institution is not dependable and certain to fail. He tried to convey that crypto currencies is a form of private money, which can never work in the interest of common people, and a central bank is essential for financial stability.<\/p>\n<p>Further, Carsten argued that forking a block chain network is equivalent to the devaluation of a fiat currency. He pointed out Bitcoin as an example to his statement. Carsten opined that in the case of a crypto currency no institution is liable, and <strong>\u201cconcentration of their ownership, could make them even less trustworthy.\u201d <\/strong>Finally Carsten also pointed out that crypto currency is not energy efficient. He said crypto currency is a <strong>\u201ca crazy way to store value. DLT-based systems are very expensive to run and slower and much less efficient to operate than conventional payment and settlement systems.\u201d<\/strong><\/p>\n<p>While calling crypto currencies a bubble and a Ponzi scheme, Carsten referred banks as <strong>\u201cstewards of public trust.\u201d<\/strong> However, people who know about 2008 financial crisis would certainly have a different opinion about banks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Agust\u00edn Carstens, the General Manager of the Bank for International Settlements, has urged central banks across the world to act against crypto currency. Carstens believes crypto currency is a \u201cThreat to Financial Stability.\u201d While giving a lecture in Frankfurt, at an event was organized by a research centre called Sustainable Architecture for Finance in Europe, [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[68],"tags":[],"class_list":["post-4337","post","type-post","status-publish","format-standard","hentry","category-cryptocurrency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bank of International Settlements Call For Preemptive Strike on Cryptos<\/title>\n<meta name=\"description\" content=\"Agust\u00edn Carstens, the General Manager of the Bank of International Settlements, has urged central banks across the world to act against crypto currency. Carstens believes crypto currency is a \u201cThreat to Financial Stability.\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/agustin-carsten-bank-international-settlements-call-preemptive-strike-cryptos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of International Settlements Call For Preemptive Strike on Cryptos\" \/>\n<meta property=\"og:description\" content=\"Agust\u00edn Carstens, the General Manager of the Bank of International Settlements, has urged central banks across the world to act against crypto currency. Carstens believes crypto currency is a \u201cThreat to Financial Stability.\u201d\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legitgambling.com\/news\/agustin-carsten-bank-international-settlements-call-preemptive-strike-cryptos\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-07T04:55:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-02-07T10:23:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/02\/agust\u00edn-carstens.jpg\" \/>\n<meta name=\"author\" content=\"Cameron Bishop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cameron Bishop\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/agustin-carsten-bank-international-settlements-call-preemptive-strike-cryptos\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/agustin-carsten-bank-international-settlements-call-preemptive-strike-cryptos\\\/\"},\"author\":{\"name\":\"Cameron Bishop\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/0e2e077765174748afc2362c890e3f91\"},\"headline\":\"Bank of International Settlements Call For Preemptive Strike on Cryptos\",\"datePublished\":\"2018-02-07T04:55:57+00:00\",\"dateModified\":\"2018-02-07T10:23:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/agustin-carsten-bank-international-settlements-call-preemptive-strike-cryptos\\\/\"},\"wordCount\":296,\"commentCount\":0,\"articleSection\":[\"Cryptocurrency\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/agustin-carsten-bank-international-settlements-call-preemptive-strike-cryptos\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/agustin-carsten-bank-international-settlements-call-preemptive-strike-cryptos\\\/\",\"url\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/agustin-carsten-bank-international-settlements-call-preemptive-strike-cryptos\\\/\",\"name\":\"Bank of International Settlements Call For Preemptive Strike on Cryptos\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#website\"},\"datePublished\":\"2018-02-07T04:55:57+00:00\",\"dateModified\":\"2018-02-07T10:23:52+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/0e2e077765174748afc2362c890e3f91\"},\"description\":\"Agust\u00edn Carstens, the General Manager of the Bank of International Settlements, has urged central banks across the world to act against crypto currency. 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