Bank for International Settlements Exec Advises Against Central Bank Digital Currencies
Cointelegraph
Published Mar 23, 2019 12:41PM ET
Updated Mar 23, 2019 01:03PM ET
Bank for International Settlements Exec Advises Against Central Bank Digital Currencies
Bitcoin (BTC) critic and general manager at the Bank for International Settlements (BIS) Agustin Carstens advised against the issuance of central bank digital currencies (CBDCs) in a speech in Dublin on March 22. Bloomberg reported on the speech the same day.
Per the report, Carstens explained that a CBDC could facilitate a bank run, enabling people to move their funds from commercial banks to central bank accounts faster, thus destabilizing the system. Another issue that Carstens said arises with CBDC use, according to Bloomberg, is the different impact of interest rates on the public's demand for money.
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Written By: Cointelegraph
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