Is crypto just better? In its continued efforts to identify the ideal future monetary system, The Bank of International Settlements revealed cryptocurrency’s edge over the present-day fiat economy when it comes to fulfilling the policy goals.
In its continued efforts to identify the ideal future monetary system, The Bank of International Settlements revealed the edge of the crypto ecosystem over the present-day fiat economy when it comes to fulfilling the policy goals.its vision for the future monetary system, the BIS outlined eight high-level goals it hopes to achieve — safety and stability, accountability, efficiency, inclusion, user control over data, integrity, adaptability and openness.
The cryptocurrency ecosystem, however, broadly fulfilled two of the eight policies laid down by the BIS — adaptability and openness. In addition, the report suggested improvements in the inclusion and user control over data policies, which would result in the crypto ecosystem fulfilling half of BIS’ recommendation for an ideal monetary system.to counter the mainstream adoption of cryptocurrencies.
The BIS Innovation Hub recently shared plans to launch a market intelligence platform as a reaction to the collapse of numerous stablecoins projects and decentralized finance lending platforms. The platform aims to serve asBank of Israel experiments with central bank digital currency smart contracts and privacy
The Bank of Israel recently commenced its first technological experiment with a CBDC, which examined user privacy and the use of smart contracts in payments. While the experiment was riddled with a myriad of technical issues, it also highlighted the need to establish a Know Your Customer and an Anti-Money Laundering system through a centralized database.
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