To ban or not to ban crypto in 2023? BIS_org shares possible regulatory approaches for states BIS
The authors opined that the FTX collapse demonstrated that decentralization in crypto is often delusional: governance is concentrated in the majority of DeFis. As such, the industry is not ready to be fully self-governed yet.
BIS officers propose three models of how states can handle crypto. First, they can ban cryptocurrencies entirely to eliminate all associated risks. It will protect investors from being scammed and significantly increase the stability of financial systems. However, crypto bans could be circumvented, let alone they conflict with the founding principles of society.
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