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Bank of International Settlements Chief Says Cryptocurrencies Being Used to Evade Laws- Advocates for More Regulation

Agustin Carstens, the general manager at the Bank of International Settlements (BIS), has claimed that cryptocurrencies are “used to evade laws and should therefore face more regulation.” Carstens, who has attacked bitcoin in the past, suggests that many crypto assets are “used to do some arbitrage, or to circumvent some regulations.”
Carstens Repeats the Same Arguments
Speaking during an interview, the BIS general manager also claims that “laws against money laundering and the financing of terrorism were absent in many applications of some cyber currencies.” Still, despite this ongoing opposition by global regulators and central banks, the use of crypto assets like BTC as a means of payment or as a store of value continues to grow. Also as News previously reported, cryptocurrency use surged in 2020 with more mainstream organisations now holders of mainly BTC.
However, despite mounting evidence that suggests otherwise, Carstens, who is a prominent BTC opponent, continues to deny that cryptocurrencies are being used as an alternative to fiat cash. He also repeats the claim that cryptocurrencies are primarily used as a “speculative vehicle.” Furthermore, to support his negative disposition towards cryptocurrencies, Carstens added:
I don’t see any dominance of cyber currencies (and they have not had) any inroads in terms of working as money.
Also, the BIS general manager similarly dismisses claims that stablecoins, which he says “have some limited applications”, represent a threat to sovereign currencies.

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