BIS Will Control Money Flow Through Central Bank Digital Currency

Agustin Carsten said that the Bank of International Settlement wants absolute control on the money through the Central Bank Digital Currencies.

Agustin Carsten who is general manager of Bank of International Settlement ( BIS), informed people about Central bank digital Currencies (CBDC) with a very chilling message.

“We don’t know who’s using a $100 bill today and we don’t know who’s using a 1,000 peso bill today. The key difference with the CBDC is the central bank will have absolute control on the rules and regulations that will determine the use of that expression of central bank liability, and also we will have the technology to enforce that.”

According to BIS, there was huge competition between Cryptocurrency & CBDC in past time intervals but now this competition is getting down. 

Carsten’s words indicated that CBDC only exists in the financial infrastructure and ecosystem. Probably they also mean to say, CBDC has the potential to handle all the situations that are needed in the present time and Cryptocurrency will no longer be needed.

Also It is a clear indication that government authorities will bring a very high level of restrictions for Cryptocurrency, so that they can make CBDC rise.

In 2019, Carsten said that CBDC is not in demand in present time and also we don’t think it is a need for central banks but still they will work on CBDC which could bring many regulations & operational ability for the Monetary Authorities to achieve the stability in their financial infrastructure.

“There is no clear demand for CBDCs on the part of society. There are huge operational consequences for central banks in implementing monetary policy and implications for the stability of the financial system.”

But after a few months, Agustin Carsten stated ” CBDC is the biggest need of the present financial infrastructure and we will bring our Central Bank Digital currency sooner than expected. 

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