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BIS Official Predicts Crypto Recovery Amid Global CBDC Expansion
- BIS Innovations head, Cecilia Skingsley says the crypto industry will learn from recent failures and develop new things.
- Skingsley expects the new wave of CBDCs to face geographical limitations.
- Increased global CBDC interest is believed to be due to the dwindling use of physical cash worldwide.
According to reports, the new head of the Bank of International Settlements (BIS) Innovation Board, Cecilia Skingsley, has predicted that the crypto industry will learn from recent failures and develop new things.
The new BIS innovation head believes that the cryptocurrency market will emerge strongly from last year’s turmoil. She also believes that the new wave of central bank digital currencies (CBDC) that are showing up will face geographical limitations.
The BIS is famous for being critical of cryptocurrencies, likening to a Ponzi scheme and a bubble. Last year’s multiple challenges appeared to justify this criticism, with the likes of FTX, Celcius, and 3AC leading a trend that did not go down well with the cryptocurrency market. Altogether, over $2 trillion vanished due to the failed projects.
The report explained that Skingsley noted that the c…
The post BIS Official Predicts Crypto Recovery Amid Global CBDC Expansion appeared first on Coin Edition.
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