BIS Chief: Central Banks Are Best Sources of Trust in Money in a Digital Age

ByAgustin Carstens, general manager at the Bank for International Settlements.

Central banks are the key institutions for providing trust, and alternatives have often ended badly, he said. He was speaking at Goethe University’s Institute for Law and Finance conference on “Data, Digitalization, the New Finance and Central Bank Digital Currencies: The Future of Banking and Money" on Tuesday.

“DeFi is subject to the same vulnerabilities present in traditional financial services,” Carstens said. Theseinclude high leverage, liquidity mismatches and connections to the formal financial system that could affect that broader system's stability.

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BIS_org iamsandali If we’ve learned anything from the excessive Moneyprinting of central banks and misplaced trust in modern monetary theory with the unsurprising resulting inflation velocity is that these institutions have undermined trust in fiat currency. DeFi

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