.BIS_org claims that warnings about the fragility of the crypto ecosystem have materialized
that numerous warnings about the pitfalls of cryptocurrency investing were not unfounded after the recent cryptocurrency crash.
Its report claims that digital assets are still facing structural problems following the downfall of the Terra ecosystem. The BIS also mentions the recent Bitcoin price crash. The BIS has underscored the necessity of developing central bank digital currencies. Roughly 90% of governments are exploring CBDCs, according to the report.
Agustín Carstens, the Mexican economist at the helm of the BIS, has forecasted that international standards for CBDCs will be developed within the next few years. Last July, the BIS called for global cooperation between central banks in order to make sure that their digital currencies are interoperable.
Carstens has been rather critical of Bitcoin in the past, describing it as an"environmental disaster" due to the cryptocurrency's high energy consumption.
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