BIS General Manager: There Needs to be More Cryptocurrency Regulation

Agustin Carsten

On Tuesday, Agustin Carsten gave a speech in which he discussed cryptocurrency regulation. He, of course, is not the first public figure to come forward to discuss more regulation on virtual currencies. Recently, UK Prime Minister Theresa May announced that the UK plans to create new cryptocurrency rules. As for Carsten, the BIS general manager not only called for more regulation, but he also said Bitcoin is a mixture of a bubble and a Ponzi scheme.

For those who don’t know, people have been calling bitcoin a speculative bubble for months. As for it being a Ponzi scheme, which is a fraudulent investment, there are a number of signs which point to it being one. However, there are also a lot of signs pointing to it not being. So, was Cartsen right for what he said? Very hard to say when the direction of this market changes every day.

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The general manager also said that because there is so much energy consumption that goes into the act of bitcoin mining, the virtual currency acts as an “environmental disaster.” This is an argument about cryptocurrency that is often discussed but perhaps not as much as it should be in comparison to the argument about how it will affect the financial system in the long-run.

He didn’t stop there, however. Carsten also stated that cryptocurrencies are “parasites,” and they should have to oblige to the same standards, rules, and regulations that conventional banks and payment services oblige too. Carsten has been the general manager of BIS since December 1 of last year. Now, he can add that he is one of many influential public figures who condemn cryptocurrency to his CV.

It seems most of the world is talking about the cryptocurrency sector. Virtual currencies are constantly fluctuating on the market, and there have been a number of discussions about the use of cryptocurrencies in illegal activity. What do you think about the sector? Do you agree with Agustin Carsten?

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