General Manager of Bank for International Settlements Excited About Bitcoin And Blockchain

By Sumedha Bose

Debates around the advantages of Bitcoin or cryptocurrency are heard everywhere, coupled with largely positive sentiment surrounding the underlying blockchain technology.

Heavyweights from various industries have given their public opinions about Bitcoin and it’s potential for mainstream acceptance. Adding to the list is general manager of Bank for International Settlements, Agustin Cartens, who sees immense potential in those two.\

“The main issue I take with cryptocurrencies is the term currencies. And i think they are not currencies, they are not good store of value, they are not good medium of exchange, they are not good unit of account.”

However, Cartens does concede that the attempt “to have them come into life as a way to substitute legal tenders and fiat currency is a failed attempt.” He additionally provides concrete evidence in the form of historical facts, supporting his argument in the context stated above. He states that there have been quite a few attempts to substitute fiat currencies, but all of them have failed. He further added:

“.. they have a role as crypto assets.. they have a room for financial assets in general but not cash”

On the other hand, he was all praises about the underlying technology behind crypto, blockchain technology. He claimed to be aware of the power and potential of blockchain technology and how it could very well be used in settlement systems.

He advocated extensive exploration of the technology and encouraged wider acceptance for it. He concluded his argument by stating:

“Blockchain by itself is not sufficient to think of a different monetary arrangement in a country.”