Tether CEO Slams BIS Tokenized Deposit Push as Misguided Regulation
Tether CEO Paolo Ardoino has sharply criticized the Bank for International Settlements (BIS) over its push to create tokenized bank deposits.
Ardoino made his comments during an interview on the 24/7 CRYPTOCURRENCY WORLD NEWS podcast, stating that the BIS' efforts are a misguided attempt to regulate cryptocurrencies.
The BIS has proposed creating tokenized versions of traditional bank deposits, which would allow for easier settlement and transfer between institutions. However, Ardoino believes this move is an overreach by regulators who do not understand how cryptocurrencies work.
Ardoino accused the BIS of trying to 'regulate what it doesn't know,' adding that tokenized bank deposits would be a poor substitute for actual cryptocurrency transactions.