The Bank for International Settlements (BIS) argued that the warnings about crypto were justified.
The BIS report stated that after the collapse of the Terra ecosystem, the digital asset industry still faces structural problems. In the BIS report, the last drop graph experienced by Bitcoin was also discussed.
BIS also emphasized the necessity of developing a CBDC. According to the report, approximately 90% of governments around the world are investigating CBDCs.
Economist Agustin Carstens, head of the BIS, believes international standards for CBDCs will be developed over the next few years. In July of last year, the BIS called for a global collaboration between central banks to make sure digital currencies are interoperable.
Carsten has criticized Bitcoin many times in the past, describing it as an “environmental disaster” due to its energy consumption.
Carsten said last March that cryptocurrencies cannot pose a threat to fiat currencies.
