BIS Chief Agustin Carstens says Crypto Lost Battle to Fiat Currencies

IMF Photograph/Stephen Jaffe
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Thus sayeth the Bank for International Settlements: The BIS is in charge of global currencies, not cryptocurrencies. The global network of central banks now have the green light to ignore and shun publicly traded crypto and instead pursue Central Bank Digital Currencies (DBDCs). ⁃ TN Editor

The general manager of the Bank for International Settlements (BIS), Agustin Carstens, says the “battle has been won” between fiat and cryptocurrency, and vigilance is no longer needed.

In a Bloomberg TV interview, BIS general manager Agustín Carstens stated, “technology doesn’t make for trusted money.”

The BIS GM noted, “Only the legal, historical infrastructure behind central banks can give great credibility to money.” His statements come after the recent back-to-back debacles in the crypto sector.

Also while during a speech at the Monetary Authority of Singapore (MAS), Carstens added that stablecoins are unreliable because they lack the “institutional arrangements and social conventions behind them.”

“What this view forgets is that what sustains fiat money is not the application of novel technologies but all the institutional arrangements and social conventions behind it. And it is precisely these arrangements and conventions that make money reliable for the public,” Carstens added.

Carstens explained how recent developments have led to severe doubts regarding stablecoins’ ability to serve as currency. Stablecoins, he pointed out, depending on the legitimacy of fiat with fewer regulatory safeguards, thus they cannot guarantee the integrity of money.

Private-sector stablecoins were also mentioned by Carstens. According to him, regulatory bodies must ensure that stablecoins don’t harm investors and consumers or fragment the monetary system.

Furthermore, central bank digital currencies, or CBDCs, and tokenized deposits, according to Carstens, can promote efficiency. He suggested a public-private partnership approach for a single blockchain where CBDCs are trusted by a central bank.

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About the Editor

Patrick Wood
Patrick Wood is a leading and critical expert on Sustainable Development, Green Economy, Agenda 21, 2030 Agenda and historic Technocracy. He is the author of Technocracy Rising: The Trojan Horse of Global Transformation (2015) and co-author of Trilaterals Over Washington, Volumes I and II (1978-1980) with the late Antony C. Sutton.
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Maybe he can issue crypto coins backed by the poundage of his Brobdignagian corrupt fat ass.

Donna Scavone

It would be just as useful as any other crypto…which isn’t even a proxy of value, as it is merely numbers appearing on a screen, backed by numbers on a screen somewhere else on the blockchain. But here’s the play: they want to appear to “discredit” crypto for various reasons so that “we” all want to get on board with crypto, because “we” are, in general, too stupid to realize that we’re being played six ways from Sunday (usually 3 ways is more than most of us can follow). Once we’re all on board THINKING that crypto truly can be… Read more »

Last edited 7 months ago by Donna Scavone

[…] BIS Chief Agustin Carstens says Crypto Lost Battle to Fiat Currencies […]

[…] BIS Chief Agustin Carstens says Crypto Lost Battle to Fiat Currencies […]

[…] BIS Chief Agustin Carstens says Crypto Lost Battle to Fiat Currencies […]


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