{"id":489924,"date":"2022-09-03T08:45:49","date_gmt":"2022-09-03T05:45:49","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cryptos-adaptability-openness-key-to-ideal-monetary-system-say-bis-execs\/"},"modified":"2022-09-03T08:45:49","modified_gmt":"2022-09-03T05:45:49","slug":"cryptos-adaptability-openness-key-to-ideal-monetary-system-say-bis-execs","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cryptos-adaptability-openness-key-to-ideal-monetary-system-say-bis-execs\/","title":{"rendered":"# Crypto&#8217;s adaptability, openness key to ideal monetary system, say BIS execs"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a231918436b9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a231918436b9\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/cryptos-adaptability-openness-key-to-ideal-monetary-system-say-bis-execs\/#%E2%80%9D_Cryptos_adaptability_openness_key_to_ideal_monetary_system_say_BIS_execs_%E2%80%9C\" >&#8221; Crypto&#8217;s adaptability, openness key to ideal monetary system, say BIS execs &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Cryptos_adaptability_openness_key_to_ideal_monetary_system_say_BIS_execs_%E2%80%9C\"><\/span>&#8221; Crypto&#8217;s adaptability, openness key to ideal monetary system, say BIS execs &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-3511d6da>Governments across the globe see central bank digital currencies (CBDC) as a means to improve the existing fiat ecosystem. Cryptocurrency\u2019s technical prowess supported by the central bank\u2019s underlying trust is key to enabling a rich monetary ecosystem, suggests an International Monetary Fund (IMF) publication.\u00a0<\/p>\n<p>\u201cDigital technologies promise a bright future for the monetary system,\u201d reads the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/Publications\/fandd\/issues\/2022\/09\/A-foundation-of-trust-Carsten-Frost-Shin\">publication<\/a> attributed to IMF deputy managing director Agust\u00edn Carstens and BIS executives Jon Frost and Hyun Song Shin. <\/p>\n<p>A BIS study from June revealed that cryptocurrencies outdo fiat ecosystems when it comes to achieving the high-level goals of a future monetary system.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-09\/9a5c45ee-c23a-4c2e-b81e-eea46bbeff44.png\"><\/figure>\n<p>Some of the most significant flaws preventing present-day cryptocurrencies from mainstream adoption, pointed out by the BIS execs, are bottleneck congestion in decentralized finance (DeFi) and the reliance on volatile assets.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-09\/70bc9b27-f1cf-4504-96bf-4159d6ccca7d.png\"><\/figure>\n<p>Both wholesale and retail CBDCs can potentially inherit abilities from the crypto ecosystem that benefit end users, the post highlighted:<\/p>\n<blockquote><p>\u201cBy embracing the core of trust provided by central bank money, the private sector can adopt the best new technologies to foster a rich and diverse monetary ecosystem.\u201d<\/p><\/blockquote>\n<p>It further recommended central banks utilize innovations such as tokenization to allow purchases using multiple fiat currencies \u2014 further benefiting merchants and customers.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>India cooperates with IMF on crypto consultation paper<\/em><\/strong><\/p>\n<p>The IMF\u2019s gloomy forecast predicting a global economic slowdown raised concerns about an incoming recession in the crypto markets. Cointelegraph previously reported that Bitcoin (BTC) markets were likely to recover when the uncertainty about the current state of the economy and geopolitical tensions are resolved.<\/p>\n<p>However, the IMF pointed out that the various liquidations, bankruptcies and losses at major firms like Celsius, Three Arrows Capital and Voyager Digital Holdings had only a minor impact on traditional financial systems.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-s-adaptability-openness-key-to-ideal-monetary-system-say-bis-execs\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Crypto&#8217;s adaptability, openness key to ideal monetary system, say BIS execs &#8220; Governments across the globe see central bank digital currencies (CBDC) as a means to improve the existing fiat ecosystem. Cryptocurrency\u2019s technical prowess supported by the central bank\u2019s underlying trust is key to enabling a rich monetary ecosystem, suggests an International Monetary Fund&#8230;<\/p>\n","protected":false},"author":1,"featured_media":489925,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvY2VkYjJkY2ItNTM0Zi00NDg0LTgyN2EtMmQ5YzAxMzk5NmQzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75062,74894,75046,75582,75606,111891,74355,117,70934,70470],"class_list":["post-489924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bis","tag-blockchain","tag-cbdc","tag-fiat-money","tag-imf","tag-money-transfers","tag-adoption","tag-business","tag-regulation","tag-retail"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/489924","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=489924"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/489924\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/489925"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=489924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=489924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=489924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}