Head of BIS Predicts Digital Currencies to Arrive Earlier Than Expected

BASEL, Switzerland—The head of the Bank for International Settlements is predicting central banks' digital currencies (CBDC) may become a reality more quickly than many expect. 

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“Many central banks are working on it; we are working on it, supporting them. And it might be that it is sooner than we think that there is a market and we need to be able to provide central bank digital currencies,” stated Agustín Carstens in an interview with Financial Times.

The central banks' interest in digital currencies will depend on the developments on the market, Carstens noted. Among his initial proposals for the new types of currency is the creation of anti-money laundering rules that specifically apply to them.

“There needs to be evidence for the demand for central bank digital currencies and it is not clear that the demand is there yet. Perhaps people can do what they want by using electronic wallets provided by banks or fintech companies. It depends on the development of payment systems,” he added.

Section: Standard
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Copyright Year: 2019
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