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Samson Ononeme

6 July 2018

Cryptocurrency

BIS chief Criticizes The Creation of New Cryptocurrencies

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The banking chief, Agustín Carstens, who has been a vocal critic of cryptocurrencies has once again called for an end to the creation of new cryptocurrencies. Why?

6 July, AtoZForex – The head of Bank for International Settlements (BIS) has expressed his view in a recent interview with Swiss German-language newspaper Basler Zeitung. During the interview, he called for an end to cryptocurrencies, both as a technological development and as an economic solution.

BIS chief Criticizes The Creation of New Cryptocurrencies 

According to a transcript published by the BIS on Wednesday, the crypto critic has remained steadfast in his view that cryptocurrencies represent "a bubble, a Ponzi scheme and an environmental disaster."

During his interview, he was asked if he agrees that so far, cryptocurrency has positively influenced young people by making them think more about money. Instead, Carstens disagreed and repeated his criticism by saying “Stop trying to create money!”

Carstens is quoted as saying;

“Even the legendary scientist Isaac Newton tried –and failed– to create money out of nothing,” he said. “And young people should learn from his mistake.”

The newly appointed BIS General Manager added;

"Young people should use their many talents and skills for innovation, not reinventing money. It's a fallacy to think money can be created from nothing,

Agustín Carstens was recently appointed as the general manager of BIS in December 2017 and since then, he has been courageous in making strong criticism on cryptocurrency.

Finally, the BIS chief stated that he is “concerned by the pace of technological progress,” still, he called on young people to channel their energy to better pursuits.

Think we missed something? Let us know in the comments section below. 

BIS Agustín Carstens Cryptocurrencies

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