Agustin Carstens, head of the Bank of International Settlements (BIS), stated that central banks must develop innovative infrastructures to protect consumers.
Agustin Carstens, head of global company Bank of International Settlements (BIS), touched on the turmoil in the cryptocurrency market. Carstens stated that the BIS has lost hope that the future of stable money will be cryptocurrencies. However, the president sees central bank digital currencies (CBDC) and tokenized deposits as innovations in the financial industry.
BIS Chairman Agustin Carstens Addresses Central Banks and CBDCs
Agustin Carstens, head of the Bank of International Settlements (BIS), addressed the turmoil in the crypto industry and the central bank.
The head of the financial institution, Carstens, gave a speech at the Monetary Authority of Singapore. In this talk, he mentioned that central bank digital currencies (CBDC) can technologically replace existing forms of money. He also stated that central banks must continually improve their infrastructure to protect consumers.
Also, approaching stablecoins, Carstens touched upon the major problems experienced last year, expressing that he raises serious doubts about the reliability of stablecoins as a form of money.
In the midst of all these processes, Carstens thinks that technological developments and innovations in the crypto sector will form the basis of the financial future.
Carstens, who also referred to the central banks on the subject, said;
“It is the job of central banks to ensure that they contribute to the development of an infrastructure that meets these demands: If central banks do not innovate, others will step in.”
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