BIS Chief changes Stance On Crypto

In an interview with Financial Times, the head of the Bank of International Settlements (BIS) chief Augustin Carstens approved the creation of digital versions of national fiat currencies.

In the Interview he said:

“Many central banks are working on it, we are working on it, supporting them.”

The Chief's new stance on the matter came as a shock to many because of a speech he gave in March, in his previous speech he gave a list of the potential risks for banks thinking of working towards it, he argued that innovation should not come so fast. Carstens and BIS are both known to as outspoken critics of decentralized cryptocurrencies, in 2018 he gave his view on bitcoin saying that the coin lacks the ability to ever function as a real currency.

In the month of July he shared his opinion of cryptocurrencies saying:

“If you look at them closely, cryptocurrencies are, in a nutshell, a bubble, a Ponzi scheme and an environmental disaster – the latter because of the high energy consumption needed to run the infrastructure for these cryptocurrencies.”

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