The Bank for International Settlements is already pushing research around cryptocurrencies and Fintech. According to many individual experts in the industry, Defi is the future that we’ll all be living and trading in. Crypto is just one piece of the puzzle, although a significant one. Till now, various authority bodies such as the governments of various nations and their associated organizations have opposed crypto in their own ways. However, as it is imminent that crypto and Defi, in general, aren’t going anywhere, their R&D team has already begun the work.
Fintech Research Wing
According to the latest news, The Federal Reserve Bank of New York has already set up a Fintech research wing with the help of BIS. This wing will be known as the New York Innovation Centre. The focus of research by this wing will be on supervision, regulation, climate risk, etc. More or less, this wing will be focusing on monitoring decentralized crypto trading. Apart from that, it will also focus on crypto mining, which has become a threat to the climate due to unsafe means.
There are ways of crypto mining that are sustainable and are already in use. The opinion of the crypto community on this involvement of the Federal Bank is mixed. Some think that it’ll lend credibility to Defi. Others think that it will defeat the whole purpose of decentralized finance and cryptocurrencies in general. Whatever be the case, only time will tell whether the research produced by this new research wing will be helpful to the community in general or not