Tables Turn: BIS Manager Urges Central Banks To Embrace Crypto

Oh how the tables turn, the BIS manager is now urging the central banks to start embracing digital assets and digital money, only after he stated that he is afraid that the banks will lose importance to crypto as we reported previously in the altcoin news.

He added that the financial world is going through a revolution right now and the banks should still be in control. The BIS manager, Agustin Carstens, seems to be taking a new stance regarding digital money as he previously stated that the central banks have to take control over digital assets so they can establish better standards.  In his own words, the central banks need the base for increased trust in the system because they can ensure security and liquidity. The responsibility falls on the banks to remain at the center of the global payment system or they can get surpassed and let the events take over them. However, he stated:

 “Central bank public goods improve the functioning of the monetary system. They do this by
giving the private sector greater scope to innovate, for everyone’s benefit. Central banks amplify the efforts of private-sector innovators, by giving them a solid base to build on.

This is where central banks need to focus their efforts. Today’s technological advances can certainly help to build a more efficient and more inclusive financial system, and central banks need to embrace that innovation. At the same time, their traditional functions are tailor-made for the many innovations on the horizon, including central bank digital currencies (CBDCs).
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Agustin Carstens is still anti-bitcoin and his stance is well known in the crypto community. In his speeches he still trashed the most significant cryptocurrencies and other projects from big tech companies such as Libra:

 “A gleaming skyscraper is an awesome sight. But when we admire one, we often overlook its foundations. These are out of sight, below ground level.
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But just because they are not visible, it does not mean that they don’t matter. On the contrary, they matter a lot.”

Even so, he was even stricter in another interview in 2018 when he answered a few questions regarding cryptocurrencies saying that they are not money and they cannot represent the functions of money because of how they were made. Carstens even said that young people have to stop creating money.