• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
Agustin Carstens BIS central banks
Advertisement

BIS Fears Central Banks May Lose Relevance to Private Cryptos

Osato Avan-Nomayo by Osato Avan-Nomayo
3 years ago
in News, News teaser
0
Advertisement

For Agustin Carstens, head of the Bank of International Settlements (BIS), central banks cannot concede their roles as gatekeepers of the global financial system to private cryptos. Meanwhile, authorities in the U.S. say no plans exist to create a digital U.S. dollar (USD) despite reports of some major nations looking to float their own sovereign digital currencies.


Private Cryptos Shouldn’t Replace Banks

In a speech delivered at Princeton University, Carstens argued that private cryptos shouldn’t replace central banks. According to Bloomberg, the BIS chief likened virtual currency projects to ‘gleaming skyscrapers’ while calling central banks the providers of trust in the global financial infrastructure.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

While commentators like Carstens cling to the primacy of mainstream finance — a system that has allowed 1.7 billion adults remain unbanked, bitcoin continues to foster greater financial inclusion. Bitcoin, the top-ranked crypto by market capitalization currently processes between $1 billion and $3 billion worth of transactions per day.

The BIS chief, like many members of the mainstream banking establishment, has a history of anti-crypto views. At the start of his tenure, Carstens called on regulators to enact stricter laws to govern the virtual currency market.

However, Carstens’ remarks contain a note of urgency missing from his comments earlier in the year when he opined that there was no urgent need for central banks to create sovereign digital currencies. However, at the time, Libra hadn’t published its whitepaper.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Since releasing its white paper, several nations have expressed plans to create their own sovereign digital currencies as a way of preventing the success of Libra.

Central Banks Have to Control the Digital Currency Narrative

For Carstens, central banks should control the narrative of the emerging digital currency space. Commenting on the matter, the BIS boss, remarked:

We have a responsibility to be at the cutting edge of the debate. There is really no choice but to do so, as otherwise events will overtake us.

As previously reported by Bitcoinist, the European Central Bank (ECB) is studying modalities for digital currency use. China is also another country linked with creating a national digital currency with several state actors out of Beijing reporting that there are studies on the matter currently ongoing.

Meanwhile, U.S. Treasury Secretary Steve Mnuchin says the country has no plans to create a digital USD any time soon. While the U.S. might not be looking to enter the burgeoning national digital currency wars, some commentators say Beijing could use a digital yuan to eat away at RMB/USD usage gaps.

With several nations reportedly eyeing the creation of sovereign digital currencies, 2020 may well be the year when the central bank digital currency (CBDC) wars take center stage.

What is your long-term bitcoin price prediction? Let us know in the comments below.


Images via Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Osato Avan-Nomayo

Osato Avan-Nomayo

When I am not knee-deep in cryptocurrency-related news, I am either attempting to beat my scrabble high score or internally debating an existential dilemma.

Related Posts

Nasdaq

Nasdaq Targets Mid-2023 For Crypto Custody Launch

7 hours ago
Crypto.Com Became The10th Largest BONE Holder

Crypto.Com Became The10th Largest BONE Holder

3 days ago
Hong Kong

Hong Kong Set To Welcome Prominent Crypto Data Firm

1 week ago
crypto conference the alliance

Crypto.ro Announces “The Alliance,” a Highly Anticipated Crypto Conference in 2023

1 week ago
Shopify Launches Comprehensive Blockchain Suite for Merchants

Shopify Launches Comprehensive Blockchain Suite For Merchants

1 month ago
Korean Financial Services Commission Chair Announces Security Tokens

Korean Financial Services Commission Chair Announces Security Tokens

2 months ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • Tokens To Watch In Q2 2023: Aptos (APT), Optimism (OP) And...

    2 hours ago
  • Market Experts Predict Big: TMS Network (TMSN) Will Beat...

    3 hours ago
  • XRP Price Breaks Out Of Multi-Year Wedge: XRP Price...

    5 hours ago
  • Is it the right time to ditch Solana (SOL), Shiba Inu...

    5 hours ago
  • Top 6 DeFi Tokens to Buy for Big Profits in 2023

    21 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.