RATE Group | BIS: Central Banks Must Embrace Digital Money
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BIS: Central Banks Must Embrace Digital Money

06 Dec BIS: Central Banks Must Embrace Digital Money

Posted at 02:40h in Cryptocurrency News by

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To make sure that they stay at the center of the global payment system, the head of the Bank of International Settlements (BIS) says that central banks have to embrace the revolution in digital money, Bloomberg reported Thursday (Dec. 5).

BIS General Manager Agustin Carstens said in a speech, according to the outlet, “We have a responsibility to be at the cutting edge of the debate.” Carstens continued, “There is really no choice but to do so, as otherwise, events will overtake us.”

Even though the private sector “excels at customer-facing activity,” as Carstens’s argument goes, central banks ensure liquidity, provide the basis for trust, and make standards. Carstens is not enthusiastic about bitcoin and is concerned that large tech firms offering payment services means they could unfairly dominate due to the information resources that they already have.

Carstens started his BIS term advocating for authorities to rein in…

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