In a recent statement, the Bank for International Settlements (BIS), an unelected body, made a rather ironic claim. Despite the increasing participation of retail and institutional investors in the cryptocurrency sector, the BIS stated that “crypto has so far failed to harness innovation to the benefit of society.” This statement was included in a report prepared for a meeting of G20 finance ministers and central bank governors scheduled to occur in Gandhinagar, India over the weekend.

The irony lies in the fact that the BIS itself is advocating for the use of a Central Bank Digital Currency (CBDC), either on a local or global scale, which relies on Ethereum technology (or its clones). Paradoxically, if Ethereum were to cease being maintained due to the links to its libraries, the CBDC built on it would also face significant challenges.

https://www.coindesk.com/policy/2023/07/11/crypto-cant-be-used-as-money-due-to-inherent-flaws-bis-tells-g20/

It appears that the BIS, an undemocratic institution that grants the United States a degree of control over the global financial system, intends to leverage the smart contract capabilities developed within the cryptocurrency space to exercise control over user accounts, balances, debasement, approvals, and other aspects. However, it is unlikely to succeed, as history has shown that when governments attempt to enforce specific monetary policies against the will of the public, the electorate tends to resort to underground activities such as bartering or even emigrating to more liberal states, often taking the

 intellectual capital with them. Interestingly, this is something that the United States itself has benefited from in the past.