News and Opinion: June 8, 2022. The Bank of International Settlements is Calling for Centralization of Cryptocurrencies

The Bank of International Settlements (BIS) is calling for a centralization of cryptocurrencies. This means that it is calling for central banks to create central bank digital currencies (CBDC's) in blockchains, but with them able to control them. The BIS argues that decentralized cryptocurrencies lead to a fragmentation of the financial activity, rising its cost.

Although it may be true that a fragmented financial world could be the consequence of decentralized cryptocurrencies and DeFi, it is a freer world, with less control of the individual by unelected bureaucrats and with less corruption. The expense to pay is worth the "savings" provided by centralized banking.

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This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.