Agustin Carstens, Managing Director of BIS; “Fears Come True”
“Fears about cryptocurrencies are becoming reality,” said Agustin Carstens, Managing Director of the Bank for International Settlements (BIS).
The international financial institution BIS, founded in Basel, Switzerland, in its annual report warning about cryptocurrencies, also encouraged central banks to develop attractive digital currencies.
Cartens said, “I think that all the weaknesses of cryptocurrencies that have come to the fore are exposed. You can’t resist gravity… At some point, you really have to admit that you’re facing a problem.”
Stating that he does not expect the collapse in the cryptocurrency markets to cause a crisis such as bad loans triggering the global financial collapse, BIS General Manager Agustin Carstens noted that the losses of the investors will be remarkable and the opaque nature of the cryptocurrency markets feeds the uncertainty.
The sharp fall in the cryptocurrency market scared investors. For some it was an opportunity, for others it was a source of anxiety. Market analysts estimate that the cryptocurrency markets have dropped more than $2 trillion since November.