Crypto Community Warns BIS Approach May Do More Harm Than Good
Christopher Perkins, president of CoinFund, called the BISs latest report not only outdated but potentially dangerous to the stability of global markets.
According to Perkins, the BIS misunderstands the nature of crypto and DeFi, viewing them as threats rather than innovations. He warned that efforts to contain digital finance could backfire, exposing traditional systems to massive liquidity mismatches. You cant box in crypto any more than you can fence off the internet, he argued.
One of his biggest concerns lies in the BISs failure to acknowledge cryptos 24/7, real-time naturesomething that sharply contrasts with the limited hours and slower infrastructure of legacy finance. Trying to wall off these two ecosystems, he believes, increases the risk of disruption rather than reducing it.
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Perkins also dismissed criticisms around DeFis transparency, anonymity, and developer accountability. He pointed out the irony of demanding full disclosures from DeFi developers while private institutions often operate behind closed doors with far less scrutiny.
As for the BISs warnings about stablecoins potentially destabilizing fragile economies, Perkins took a different viewarguing that if dollar-backed digital assets are improving financial access in places like Venezuela or Zimbabwe, then they may be part of the solution, not the problem.
Joining the criticism, Lightsparks Christian Catalini likened the BIS report to applying outdated rules to futuristic systems, saying its akin to writing traffic laws for drones based on parking meters.
As the tension between regulators and innovators continues to grow, voices from the crypto world are making it clear: outdated frameworks cant govern technologies they barely understand.
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Text source: Coindoo
