It’s pretty clear that what’s going on in the crypto space right now will be used as an excuse by the regulators and politicians to crack down on crypto.
And, if they are going to do that, then they are likely to look into regulatory frameworks that have already been drawn up.
The other day I was going through the crypto news and I came across a CoinDesk article explaining how the Bank for International Settlements or BIS wants to implement DeFi regulations at the protocol level…
It sounded so ridiculous that we had to look into the paper for ourselves, and it’s safe to say that the paper exceeded my expectations in that regard.
In short, the BIS, or rather the head of the BIS innovation hub, wants central banks and governments around the world to have total control of cryptocurrency all the way down to the blockchain level.
This includes deciding which validators or miners get to be a part of the network, which tokens can trade on that network, and who can use that network.
This description really doesn’t do it justice, because most of what’s in the paper is so insane that it makes me wonder just how thick the walls are at the BIS, because the author and the folks who reviewed the paper seem to be in a big echo chamber.
You’ll have to watch till the end to find out what’s likely to happen there!
⛓️ 🔗 Useful Links 🔗 ⛓️
► BIS Board of Directors: https://www.bis.org/about/board.htm?m…
► BIS Management: https://www.bis.org/about/officials.htm
► Embedded Supervision Paper: https://www.bis.org/publ/work811.htm
► About Raphael Auer: https://www.bis.org/author/raphael_au…
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.