The head of the investment company in Defi and Stablecoins “Bank for International” (BIS) warns to isolate the encryption markets and its controversial recommendations on Defi and Stablecoins.
“Many of their recommendations and conclusions – perhaps because of a mixture of fear, arrogance, or ignorance – are not completely familiar with, frankly, dangerous.” He said In a publication on April 19, in reference to the April 15 report Entitled “Cracks and decentralized financing: jobs and effects of financial stability.”
BIS recommendations offer Traffi to “unimaginable scale” risk
“The encryption is not communism,” said Perkins.
“It is the new internet that provides anyone access to financial services,” said Perkins. “You can no longer control it more than internet control,” he added.
Berkins warned that the containment approach to encryption would expose the traditional financial system to the huge “unimaginable” scope “, especially when the encryption market operates in the actual time, 24/7, while the traditional financial markets are closed after trading hours.
“If it is implemented, it will cause it-do not reduce-the regular risks they seek to prevent.”
The report warned that the number of investors and capital amount in Crypto and Defi has “reached a critical bloc”, as the protection of investors has become “a great concern for the organizational authorities.”
Perkins pushed back against BIS’s claim that Defi represents great challenges, instead that it represents a “great improvement” on “obfuscation” and imbalance in the traditional financial system.
Related to: The encryption industry does not suffer from organizational capture – a lawyer
In response to BIS’s concern about not disclosing its identity to Defi developers, Perkins questioned its importance:
“Sorry, but when was the last time that Tradfi has published a list of its developers? Certainly, public companies provide a degree of disclosure and transparency, but it seems that they die in favor of private markets.”
Birz also criticized BIS about Stablecoins that it may lead to “total economic instability in countries such as Venezuela and Zimbabwe.”
“If there is a demand for stablecoins in US dollars and helps to improve the condition of anyone in the developing world, this may be a good thing,” Perkins said.
Perkins was not alone in criticizing the controversial report. Christian Catalini, co -founder, co -founder of Lightspark, has established, send A series of criticism on X on the same day. Catalini summarized the report with the measurement:
Think: Writing car parking regulations for a fleet of self -drone – serious work, a technological leap behind it.
magazine: Altcoin Season Q2? A talisman plan to win confidence: Hodler Digest, from April 13 to 19
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