BIS Head Rejects Crypto As Trusted Money Source, Favors CBDC

According to Agustin Carstens (head of the Bank for International Settlements), the argument for digital currency has ended.
Carstens stated in an interview with Bloomberg TV that technology is not a reliable source of money. Carstens also stated that the debate over the same has ended. He did however support CBDC in his speech to Singapore.


Carstens stated that central banks are supported only by their legal and historical foundation. This gives currency a lot of credibility. He also stated that he expected a strong declaration from the Group of 20 about the need for strengthened regulation in the digital asset sector. Carstens said that cryptocurrency is a financial pursuit that can only flourish “under certain circumstances.”
Also read: Binance partners with this Payments Giant, Strengthens Position amid Crypto Crackdown

CBDCs are preferred by the head of BIS
During his speech to the Monetary Authority of Singapore he suggested that tokenized deposits and Central Bank Digital Currencies be used to increase efficiency. He suggested that a single blockchain network be established through a public-private collaboration, where the central bank can strengthen the trust in CBDCs.
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2022 was the worst year in the history of the crypto industry. It saw the collapse of large crypto firms, scams and a flurry of bankruptcies. The most recent and largest is FTX, which is led by Sam Bankman-Fried. The crypto industry was shocked by the FTX collapse last November. It wiped out more than $2 trillion. The market is still recovering from this massive blowout, and there are many questions about the credibility and reliability of crypto assets.
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