CoinFund President: Bank for International Settlements' Cryptocurrency Quarantine Measures' Dangerous and Ignorant '

According to Cryptonews, the Bank for International Settlements (BIS) has released a report advocating for a strict distinction between digital assets and traditional finance, which has been strongly criticized by the cryptocurrency industry. Christopher Perkins, President of CoinFund, a blockchain investment company, called BIS recommendations "dangerous and ignorant" and feared to have a counterproductive effect on the global financial system. He criticized the BIS for calling for the "containment" of cryptocurrencies, citing fear and technical misunderstandings, and warned that isolating the cryptocurrency ecosystem could lead to significant liquidity risks, as the cryptocurrency market operates around the clock while traditional finance is limited by trading hours. The BIS report is concerned that the rapid growth of cryptocurrency and DeFi markets may disrupt traditional market stability and increase investor risk. Perkins argues that DeFi is more transparent, decentralized, and superior to traditional finance. He also pointed out that many traditional financial institutions do not disclose developer lists, questioning BIS's discomfort with anonymous DeFi development. In addition, Perkins disagrees with the BIS warning that stablecoins may undermine the monetary policies of countries such as Venezuela and Zimbabwe, believing that if there is demand for stablecoins and they can improve the situation in developing countries, it may be a good thing. Previously, the Bank for International Settlements stated that the cryptocurrency market has reached a "critical size" and there is a need to be vigilant about stability risks.