As the adoption of cryptocurrency continues so too does the opposition from powerful institutions that control and enjoy the corrupt financial system cryptocurrency is replacing. Over the last few years, these powerful institutions have increased their efforts to regulate, restrict, subvert and destroy the crypto industry. It’s about time someone called them out by name. Today I’m going to tell you about the five institutions that are trying to kill crypto. How bis is trying to kill crypto, whether they will succeed and what it all means for cryptocurrency?
How BIS is trying to kill crypto?
We will discuss five institutions that are trying to kill crypto. The first one is bis or the Bank for International Settlements, how are bis trying to kill crypto? It’s a self-described bank for central banks. The bis are based in Basel Switzerland and it is owned by the 63 central banks that make up its membership. The bis were founded way back in 1930 and are the oldest international financial institution in existence.
What’s interesting is that the bis were supposed to be disbanded in 1944 as part of the Bretton woods conference still waiting. One site writes that the bis say this is because the financial elite at Bretton woods didn’t believe the bis would play a helpful role once the IMF and the world bank had been established. Yet a memoir by one of the economists who were there at the Bretton woods conference. He revealed that the reason for the institution’s intended dissolution was because the bis had allegedly assisted the nazis in taking gold and other assets from occupied countries.
This was proved to be true in 2013 when the bank of England declassified documents about how it helped the bis and the nazis take gold from Czechoslovakia. Now despite this history, the bis were never disbanded thanks in part to influential economists like John Maynard Keynes. For context, Keynes is famous for pioneering so-called demand-side economics. Demand side economics is the theory that the demand for goods and services causes economic growth and inflation. A theory popular with many central bankers the more you know. Anyways today the bis have undertaken a disturbing role and that’s to assist central banks to develop their respective central bank digital currencies or CBDs.
If you’ve read any of our articles about CBD you’ll know that they will give central banks the power to decide what you can buy and when you can buy it. Where you can buy it how much money you can spend and even how much money you can save. In the words of bis manager Agustin Carstens quote, the central bank will have absolute control. Quote will have the technology to enforce that control. It should be no surprise then that the bis are opposed to cryptocurrencies of all kinds, especially stablecoins. This is because cryptocurrency undermines the total control of currency that its associated central banks are trying to achieve with their CBDs. Which are themselves, direct competitors, to stablecoins.
Related: How FATF is Trying to Kill Crypto?
So far the bis’ anti-crypto activities have been limited to reports about why cryptocurrency is bad and why CBCs are better. It seems these reports are being conducted under the direction of Hyun Seong shin the bis’ head of research. Nobody is buying what they’re selling and even the reporters the bis invited to its recent press conference about the report were skeptical about the institution’s CBD push. Even so, there’s no question that the bis have incredible influence. Especially since central bankers from around the world meet at the bis’ headquarters in Basel to discuss what they’re going to do next.
You will find the other four institutions on our Here.