Crypto resonates better with BIS' vision of ideal monetary system
The report awarded points to the fiat ecosystem for the safety and stability policy while highlighting that “Public oversight has helped achieve safe and robust payment systems.” In its continued efforts to identify the ideal future monetary system, The Bank of International Settlements (BIS) revealed the edge of the crypto ecosystem over the present-day fiat economy when it comes to fulfilling the policy goals. While sharing its vision for the future monetary system, the BIS outlined eight high-level goals it hopes to achieve — safety and stability, accountability, efficiency, inclusion,....
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The Bank for International Settlements, International Monetary Fund and World Bank say CBDCs should be programmed in advance to avoid interoperability issues. International agencies are urging central banks to consider interoperability early in the design of central bank digital currencies (CBDCs). The Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures, the BIS Innovation Hub, the International Monetary Fund and the World Bank released a report Monday that looked at three options for cross-border interoperability that address challenges including high....
Understanding the monetary system is foundational to seeing what’s wrong with the current system and to have a true grasp of Bitcoin and its importance.
A hard fork has been announced for the NXT crypto-currency, which will enable the long anticipated 'Monetary System' feature that allows for the creation of user-issued currencies by 'locking' NXT. NXT users can update now to the NRS v1.4.5 client, which will enable the Monetary System. This is a 'hard fork', which means that the upgrade is compulsory if you want to keep using NXT without ending up on your own separate block chain. Users of NXT must upgrade to the latest release by block 330000, at which point the Monetary System will go live. The new Monetary System feature will allow....
The CEO of Nasdaq-listed billion-dollar company Microstrategy has made a strong bull case for bitcoin. He says there is a $250 trillion ocean of assets looking for the ideal store a value right now and bitcoin is a better store of value than gold or tech stocks, so “a lot of that monetary energy is going to flow from the asset ocean into the crypto pond.” Comparing Bitcoin to Investing Early in Apple, Google, Facebook, Amazon In a webcast with Hedgeye CEO Keith McCullough, aired last week, Microstrategy CEO Michael Saylor outlined a highly bullish case for bitcoin’s....
Some of the biggest flaws preventing present-day cryptocurrencies from mainstream adoption, pointed out by the BIS execs, are bottleneck congestion in DeFi and the reliance on volatile assets. Governments across the globe see central bank digital currencies (CBDC) as a means to improve the existing fiat ecosystem. Cryptocurrency’s technical prowess supported by the central bank’s underlying trust is key to enabling a rich monetary ecosystem, suggests an International Monetary Fund (IMF) publication. “Digital technologies promise a bright future for the monetary system,” reads the....