BIS WILL SUPPORT CENTRAL BANK THAT ISSUE THEIR OWN DIGITAL CURRENCIES

Jul 02,2019 at 06:44 am



Agustin Carstens, chief of the Bank for International Settlements (BIS) who after issuing comments and reports heavily critical of cryptocurrencies over the last few years has acknowledged that central banks will likely soon need to issue their own digital currencies.


Speaking to the Financial Times on Sunday, Carstens said that BIS – which acts like a central bank for central banks – is supporting global central banks’ efforts to research and develop digital currencies based on national fiat currencies.


A number of central banks are engaged in such work and “we are working on it, supporting them,” Carstens said. Further, the arrival of such products might just around the corner if there is clear evidence of demand from the public.


According to Carstens:


“[I]t 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.”

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