Debates around the benefits of Bitcoin or cryptocurrency are discovered everywhere, copulated with principally positive attitude circling the underlying blockchain system. Stalwarts from multiple industries have given their public evaluations about Bitcoin and it’s implied for mainstream acceptance. New addition to the list is general manager of Bank for International Settlements, Agustin Cartens, who understands it is as interesting. “The central issue I see with cryptocurrencies is the term “currencies”. And “I think they are not just money, they are not the good repository of value, they are not good factor of exchange, they are not sufficient unit of account,” he said.
However, Cartens does acknowledge that the attempt “to have them come into life as a way to replace legal tenders and fiat currency is a dropped effort.” He additionally contributes concrete proof in the form of historical facts, holding his argument in the setting stated above. He states that there have been a few efforts to substitute fiat money, but all of them have collapsed. He further added: “They have a responsibility as crypto-assets. They have a place for economic assets in common but not money.”
On the other case, he was all compliments about the underlying technology behind crypto, blockchain technology. He demanded to be conscious of the power and potential of blockchain technology and how it could very efficiently be used in settlement arrangements. He pushed extensive research of the technology and supported wider assent for it. He assumed his debate by stating “Blockchain by itself is not adequate to think of a distinctive financial settlement in a nation.“