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Crypto Won’t Replace Cash Due To Volatility: BIS Boss

General Manager of Bank of International Settlements (BIS) Agustin Carstens has given his opinion on the role cryptocurrencies play in the economy. According to Carstens, cryptocurrencies are mostly used to commit crimes and should be strictly regulated. Carstens, who aired his view in a CNBC show, said digital currencies were mostly used to execute arbitrage trades and contravene government regulations. Crypto Is A Speculative Vehicle To him, the growing use case of cryptocurrencies in criminal activities is worrying. He also mentioned that regulations against money laundering and terrorist financing were clearly missing in crypto applications. Carstens’ views on cryptocurrencies are…

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Bank of International Settlements head says cryptos require more regulation

Agustín Carstens has called for cryptocurrencies to be subject to more regulations while arguing that virtual currencies have not made a significant dent in global finance. Agustín Carstens, general manager of the Bank for International Settlements, has called for even more crypto regulations stating that virtual currencies are a tool for circumventing financial laws. In an interview with CNBC on Wednesday, the BIS general manager identified money laundering and terrorism financing as areas that require more robust cryptocurrency regulations. Carstens’s comments, a common refrain among crypto critics, come despite the preponderance of established facts indicating that crypto criminality occupies a…

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Public interest in central bank digital currencies surpasses Bitcoin in 2020

The 2020 pandemic could accelerate global efforts to issue CBDCs, say BIS analysts. A new report from the Bank for International Settlements (BIS) shows that 2020 is the year that momentum behind central bank digital currencies (CBDCs) has truly taken off.Published on Aug. 24, BIS’ new working paper analyzes the global state of CBDC research and development work, technical approaches and policy stances. The comprehensive research draws on over 16,000 central bank speeches from recent years and assesses existing CBDC designs and motivations behind various countries’ embrace of the new model.“Attitudes about whether central banks should issue them [CBDCs] have…

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Central Bank Digital Currencies and Their Role in the Financial System

What are CBDCs and the risks they possess, and how might they reshape our economies? Central bank digital currencies are a digital representation of a country’s fiat currency. They are effectively a government-issued cryptocurrency designed to replace the traditional, physical form of fiat currencies.The term CBDC is broad because its implementation involves several critical decisions on the part of an issuing central bank. The primary decision is whether a CBDC should be a general-purpose in that it’s available to be used by the general population. If not, then the issuing authority may decide to make it available for “wholesale” transactions,…

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