The Bank for International settlement researchers conducted a comprehensive analysis into cryptocurrencies and had only good things to say about Bitcoin and other cryptocurrencies in its crypto report.
From debunking in its crypto report that investors usually stake in crypto to avoid government-issued fiat currencies to making glowing predictions about crypto adoption. The published document by Bank for International Settlement was entirely against the bashing crypto got from crypto regulators.
Abuses crypto faces around the world
Private digital assets has constantly been frowned at by regulators in Europe, America, Africa, Asia and other places around the world.
Most recently, François Villeroy de Galhau, the governor of Banque de France, has advised the European continent and authorities to see how they can regulate cryptocurrencies as soon as possible.
While sounding a note of caution to Europe, he made this declaration that the continent’s monetary sovereignty faces tough times if the EU does not regulate cryptocurrencies.
Beyond France, the International Monetary Fund (IMF) has also shown hostility to El Salvador for adopting Bitcoin as its official currency. Although, certain fractions in the country are against the move, however, the IMF expressed concerns after the country legalized crypto.
BlockDesk reports that the IMF had a number of economic and legal concerns noting that it could promote a number of macroeconomic, financial and legal issues that require very careful analysis.
The BIS crypto report, however, defended crypto and its investors. “We disprove the hypothesis that cryptocurrency investors are motivated by distrust in fiat currencies or regulated finance, the document read at the beginning, the document read.
“From a policy perspective, the overall takeaway of our analysis is that as the objectives of investors are the same as those for other asset classes, so should be the regulation. Cryptocurrencies are not sought as an alternative to fiat currencies or regulated finance but instead are a niche digital speculation object, the document said further.
BIS calls for fairness in crypto regulation in crypto report
The BIS in the report clearly stated that investors’ objectives are the same as those for other asset classes; for that reason, regulation of crypto should be similar to how other assets are being regulated.
“Better regulation may also be beneficial – quintessential in fact – for the industry when it comes to the basic security model of many cryptocurrencies, the paper read.
Crypto to be known all over U.S in two years – BIS
The BIS in the report states that knowledge about cryptocurrencies is becoming pervasive while ownership remains limited to a niche population. They note that in 2104, 40 percent of U.S. citizens were aware of at least one cryptocurrency (mainly Bitcoin).
The percentage increased to 70 percent in 2019, the research reveals. “If the trend continues, in one or two years, the entire U.S. population will recognize at least one cryptocurrency, the statement reads.
However, it acknowledges that the acceptance and usage of cryptos are not very high yet in the U.S.
Read the entire glowing BIS crypto report here