PANews reported on April 21 that according to Cryptonews, the Bank for International Settlements (BIS) issued a report advocating a strict distinction between digital assets and traditional finance, which was fiercely criticized by the crypto industry. Christopher Perkins, president of blockchain investment company CoinFund, called the BIS suggestion "dangerous and ignorant" and may have a counterproductive effect on the global financial system. He criticized the BIS's call for "curbing" cryptocurrencies, believing that this was due to fear and technical misunderstandings, and warned that isolating the crypto ecosystem could cause major liquidity risks. After all, the crypto market operates all day, while traditional finance is restricted by trading hours.
The BIS report is concerned that the rapid growth of cryptocurrencies and DeFi markets will undermine the stability of traditional markets and increase investor risks. Perkins countered that DeFi is more transparent and decentralized, and is superior to traditional finance. He also pointed out that many traditional financial institutions do not publish a list of developers, questioning BIS's discomfort with anonymous DeFi development. In addition, Perkins disagreed with BIS's warning that stablecoins could undermine the monetary policies of countries such as Venezuela and Zimbabwe, and believed that if stablecoins are in demand and can improve the situation in developing countries, it might be a good thing.
According to previous news , the Bank for International Settlements stated that the crypto market has reached a "critical scale" and needs to be vigilant about stability risks.
