Crypto Market Highlights May 23, 2022 Crypto Market Highlights May 23, 2022
  • News
    • NFT News
    • Metaverse News
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • DeFi News
    • Blockchain News
    • Web3 News
    • Press Release
    • Hacks and Scams
    • Sponsored Post
  • Stories
    • Interviews
  • Market Analysis
  • Learn
    • Bitcoin
    • Ethereum
    • Cryptocurrency Exchange
    • NFTs
    • DeFi
    • Web3
    • Metaverse
    • Blockchain
    • Trading
    • Crypto Guide
    • Quizzes
  • Crypto Prices
  • Contact Us
Reading: The Love-hate Relationship Between Cryptocurrencies And Regulators
Newsletter
Crypto Market Highlights May 23, 2022 Crypto Market Highlights May 23, 2022
[ccpw id="20060"]
Crypto Market Highlights May 23, 2022 Crypto Market Highlights May 23, 2022
  • News
    • NFT News
    • Metaverse News
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • DeFi News
    • Blockchain News
    • Web3 News
    • Press Release
    • Hacks and Scams
    • Sponsored Post
  • Stories
    • Interviews
  • Market Analysis
  • Learn
    • Bitcoin
    • Ethereum
    • Cryptocurrency Exchange
    • NFTs
    • DeFi
    • Web3
    • Metaverse
    • Blockchain
    • Trading
    • Crypto Guide
    • Quizzes
  • Crypto Prices
  • Contact Us
Reading: The Love-hate Relationship Between Cryptocurrencies And Regulators
Newsletter
Crypto Market Highlights May 23, 2022 Crypto Market Highlights May 23, 2022
[ccpw id="20060"]
  • News
  • Stories
  • Market Analysis
  • Learn
  • Crypto Prices
  • Contact Us
Search
  • News
    • Altcoin News
    • Bitcoin News
    • Blockchain News
    • CBDC
    • Crypto Exchange News
    • Cryptocurrencies
    • DeFi News
    • Ethereum News
    • Hacks and Scams
    • Litecoin News
    • Metaverse News
    • NFT News
    • Press Release
    • Ripples News
    • Sponsored Post
    • Web3 News
  • Stories
    • Interviews
  • Market Analysis
  • Learn
    • Bitcoin
    • Blockchain
    • Crypto Guide
    • Cryptocurrency Exchange
    • DeFi
    • Ethereum
    • Metaverse
    • NFTs
    • Trading
    • Web3
    • Quizzes
  • Crypto Prices
  • Contact Us

Trending →

Metaplanet to Raise $5.4B for Bold Bitcoin Buy

By Ezinne Ukaegbu 1 week ago

Shiba Inu Price Risks 22% Drop as Burn, TVL Fall

By Ezinne Ukaegbu 2 weeks ago

Crypto ETPs Explode: $286M Inflows as Ether Dominates Market

By Ezinne Ukaegbu 2 weeks ago

Deflationary Tokenomics vs. Hype: What Really Makes Pepe Hunt Different

By Rita Umukoro 2 weeks ago

WonderChain Ignites Web3: 3 Bold Travel Trends

By Ezinne Ukaegbu 3 weeks ago
Follow US
© Coins Creed. All Rights Reserved.

Home » The Love-hate Relationship Between Cryptocurrencies And Regulators

Bitcoin NewsAltcoin NewsCryptocurrenciesNews

The Love-hate Relationship Between Cryptocurrencies And Regulators

Chide Austin
Last updated: June 25, 2021 11:10 pm
By Chide Austin
Share
5 Min Read
SHARE
The crypto-space is no strangers to sneers and jabs, which come in the form of blowback from certain governments and warm embraces from others. 
The Love-hate Relationship Between Cryptocurrencies And Regulators

Bitcoin and other cryptocurrencies have long been criticized, particularly by bankers all around the world. Jean Claude Trichet, a French economist, is the most recent to do so.

Trichet, who was the President of the European Central Bank from 2003 to 2011, recently stated on television that there is a need for “absolute transparency” in crypto.

 He also raised regret about illegal activity linked to cryptocurrency, a belief shared by many other bankers. According to Trichet,

“We need absolute transparency. As long as these transactions are not transparent, they are paving the way for any criminal activity. It’s unacceptable and it’s not considered appropriate at an international level”

The former ECB president went on to say,

“The real cryptocurrencies will be issued by central banks, 58 central banks around the world are already working on their own digital currencies actively.”

The Bank for International Settlements (BIS) released a paper titled “CBDCs: an Opportunity for the Monetary System” on June 23, just one day before Trichet’s visit.

The BIS emphasized its backing for CBDCs and its role in modernizing finance in this report.

The crypto-space is no stranger to snide remarks and jabs, which come in the form of blowback from certain governments and warm embraces from others.

BTC and other cryptocurrencies have long been criticized, particularly by bankers all around the world. Jean Claude Trichet, a French economist, is the most recent to do so.

Trichet, who was the President of the European Central Bank from 2003 to 2011, recently stated on television there would be a need for “absolute transparency” in crypto.

The banker also expressed concern about nefarious activities linked to cryptocurrency, a belief shared by many other bankers.

“We need absolute transparency. As long as these transactions are not transparent, they are paving the way for any criminal activity. It’s unacceptable and it’s not considered appropriate at an international level”, said Trichet.

Trichet further added,

“The real cryptocurrencies will be issued by central banks, 58 central banks around the world are already working on their own digital currencies actively.”

The Bank for International Settlements (BIS) released a paper titled “CBDCs: an Opportunity for the Monetary System” on June 23, just one day before Trichet’s visit.

The BIS reaffirmed its support for CBDCs and its role in modernizing finance in this report.

However, that’s not the first time the former ECB chief has shown his opposition to cryptocurrencies. At a Caixin conference in Beijing in 2018, Trichet stated that cryptocurrencies are “not real.”

“I am strongly against Bitcoin, and I think we are a little complacent. The [crypto]currency itself is not real, with the characteristics that a currency must have”

Cryptocurrency continues to be a love-hate relationship for regulators….

Banks, authorities, and bankers all over the world have indeed been critical of cryptocurrencies like Bitcoin.

BTC according to Aurel Schubert, the former Director-General of the European Central Bank, “has no future” and will be “on display in the Museum of Illusions” sooner or later in 2020.

According to the BIS research, digital tokens such Bitcoin have few redeeming features and “work against the public good.”

Stablecoins were also seen as an “appendage” to traditional money, according to the report. CBDCs, on the other hand, were praised in the report as “a tool to create broader financial inclusion and lower the high costs of payments.”

The Basel Committee chastised crypto-assets and Bitcoin earlier this month, stating that cryptocurrencies pose significant risks to the banking system due to the possibility for money laundering, reputational issues, and extreme volatility that might result to defaults.

A 1,250 percent risk weight should be added to a bank’s exposure to Bitcoin and other crypto-assets, according to the panel.

TAGGED:Cryptocurrencies
Share This Article
Facebook Twitter Copy Link

You Might Also Like ↷

CFTC Investigates Ben Armstrong for Meme Crypto Fraud

CFTC Forms Partnership to Tackle Growing Crypto Scams

9 months ago
Terra ETPs Suspended By VanEck And 21Shares After Recent Collapse

Terra ETPs Suspended By VanEck And 21Shares After Recent Collapse

May 14, 2022
CYNTHIA - Coinscreed Latest Bitcoin and Crypto Updates

Senator Cynthia Lummis Criticizes Joe Biden’s Mining Tax

11 months ago
AllianceBlock deFi project experiences multi-million dollar hack

AllianceBlock deFi project experiences multi-million dollar hack

February 2, 2023
Coinscreed
Stay tuned for a blend of captivating content that not only informs but also inspires you to navigate the ever-evolving landscape of technology, marketing, and market trends!
Coinscreed
FacebookLike
TwitterFollow
InstagramFollow

All Rights Reserved. Coinscreed 2024.

adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist