Stable coins, cryptocurrencies, and the decentralized economy pose a direct threat to banks’ business models, according to the former Europe Central Bank governing council official and current Head of the BIS Innovation Hub Benoît Coeuré, during a speech at Eurofi on Friday, September 10.

Therefore, he said, monetary authorities need to act quickly to develop digital assets.

Coeuré said both DeFi companies, cryptocurrencies, and stablecoins pose a direct threat to institutions and intermediaries such as banks.

“Central banks have a lot of work to do – offering price stability and financial stability – and they need to maintain their capacity to do so,” Coeuré said, adding the future starts today, “we have to act as long as the system is still in place – and act now.”

– Benoît Coeuré

Coeuré, who is leading the BIS’s digital currencies survey, called on policymakers to speed up their response to the cryptocurrency threat and speed up their work on digital assets backed by national policymakers – otherwise, they will lose their role in the financial system.

Bank of International Settlements

Ofter called the Central Bank of Central Banks, the Bank of International Settlements is considered by many as the major catalyst on all the economic hurdles, wars, and instability caused around the world – although it states that its goal is to offer monetary and financial stability around the world.

According to Wikipedia, ”the BIS is an international financial institution owned by central banks that “fosters international monetary and financial cooperation and serves as a bank for central banks”

Bankers Are Afraid

Coming with such statements it is clear that banksters and the banking system is afraid. It is really afraid of the change. Some banks are hoping the train to not get left behind and others like Benoît are afraid that will lose their power in this new monetary system.

What can we do to speed up their loss of power? Close bank accounts and support DeFi, Decentralized Banking, Peer 2 Peer money exchanges, and shopping via merchants who accept bitcoin or other forms of cryptos.

You can read through Benoît Coeuré’s speech by clicking here.

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