International Housing Bank wants to combine crypto and fiat

International Housing Bank wants to combine crypto and fiat


The International Settlements Bank (BIS), also known as the International Settlements Bank (BIS), is one of the major government agencies that seem to be the most important in secret currencies like bitcoin (BTC). Still, the institution is not all negative about crypto, a new report shows.

Mixed feelings about crypto

Inside of Page search 41 The bank describes in detail the future financial system in its opinion. BIS emphasizes in detail how the collapse of the Terra (LUNA) ecosystem does not help with the overall instability of crypto. Stablecoins are piggybacking on the work of the central bank to ensure financial stability, according to the BIS.

VAdditionally, the bank claims that most blockchains have very high procurement costs and can be very slow. In addition, power grants (DeFi) would still allow you ‘pseudo-anonymous’ secret business money, which criminals can misuse.

TEven in the eyes of the BIS, crypto is not a major barrier to misery. The good features are that crypto can be configured and allows for many new applications. Also, it can be used worldwide without much difficulty.

Combining Fiat Money with Crypto

dThe BIS has also identified shortcomings in the current financial system. The system is also quite expensive, and cash and bank accounts are used fraudulently. And despite modern techniques, international payments in particular are still very expensive and slow.

dThat is why the future financial system must combine the best of both worlds, says the BIS. Financial service providers need to make payments more efficiently and request less money, which should support economic activities. This is reflected in the new services and new infrastructure, which you would probably see especially in new options and instant payments. Digital banking currencies (CBDCs) will no doubt also be part of this.

Additionally, authors repeatedly mention ‘programming, composition and marking’, although the authorities do not go into detail on how they would create this. In any case, they argue that signals can be traded at any time and can therefore be used in autonomous ecosystems. You should also be able to trade stock and securities as tokens in the future.

BIS wants to integrate crypto with the old money system. Source: International Housing Bank