BIS Manager: Bank-Issued “Crypto” Will Make for “Unpredictable” Consequences3.8

The manager of the Bank of International Settlements (BIS) has voiced opposition to the initiatives proposed by JP Morgan and other banks to issue their own digital currencies, which borrow from the design of crypto, whilst omitting its truly liberating features. Augustin Carstens made his comments during a speech at the Central Bank of Ireland recently.

Carstens posits that central banks, not accustomed to dealing with customers, will have to take on such responsibilities going forward. This will impact on their ability to dictate monetary policy.

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