Crypto Critic: BIS Urged Global Economies To Rein Inflation ‘Quickly & Decisively’
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Bank for International Settlements [BIS], known for its anti-crypto stance, has called on global banks to raise interest rates “quickly and decisively” to curb inflation before it snowballs. Agustín Carstens, BIS general manager, said the BIS doesn’t expect a period of widespread stagflation to take hold in the near term. BIS has outlined its vision for the future monetary system, in which central banks utilize the technological advantages of the blockchain to create digital versions of their own currencies. The recent turmoil in the crypto universe is a reminder of their financial vulnerabilities, the Swiss-based institution said last week. The report stated that the entire value of the cryptocurrency industry has been wiped out by more than $2 trillion. Source