No. 69: Crypto shocks and retail losses | BIS Bulletin [PDF]www.bis.org/publ/bisbull69.pdf
51 sats \ 3 comments \ @cryptocoin 20 Feb 2023 bitcoin
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25 sats \ 0 replies \ @nullama 21 Feb 2023
This is probably the most interesting paragraph:
To ensure the stability of the financial system, societies must decide on the appropriate policy response to address risks in crypto before they become systemic. They should preferably act in a globally coordinated way. Options include banning specific crypto activities, containing crypto, regulating the sector or a combination of these (Aquilina et al (2023)). Containment may prevent risks in crypto from spilling over to the real economy and traditional financial system. The appropriate mix of measures will be needed to promote market integrity, investor protection and financial stability.
They are starting to get a bit worried because they see that there's a potential that Bitcoin continues growing globally.
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0 sats \ 1 reply \ @cryptocoin OP 20 Feb 2023
Here's an article from CoinDesk on this bulletin:
Retail Crypto Investors in Emerging Economies Hit Hardest by FTX, Terra Collapses: BIS https://www.coindesk.com/markets/2023/02/20/retail-crypto-investors-in-emerging-economies-hit-hardest-by-ftx-terra-collapses-bis
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100 sats \ 0 replies \ @nullama 21 Feb 2023
Here are a couple of points from the article cited in the cited article :)
Authorities may consider different – not mutually exclusive – lines of action to tackle the risks in crypto. These include containment or regulation of the crypto sector or an outright ban.
Central banks and public authorities could also work to make TradFi more attractive. A key option is to encourage sound innovation with central bank digital currencies (CBDCs).
Basically they want to ban/control Bitcoin globally, and push for CBDCs.
Good luck with that.
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