Thu Oct 5, 2023 – 1:04 pm EDT
(The Sociable) — Bank for International Settlements general manager Agustin Carstens says, “People want their money to be digital and programmable,” during a speech on Central Bank Digital Currency (CBDC) legal challenges.
Speaking at the Bank for International Settlements (BIS) Innovation Hub-Financial Stability Institute conference on legal aspects of CBDCs in Basel, Switzerland, on September 27, Carstens lamented the fact that “close to 80 percent of central banks are either not allowed to issue a digital currency under their existing laws, or the legal framework is unclear.”
Despite the legal challenges, the BIS chief said that people want to have a programmable CBDC, stating:
Users are increasingly demanding new forms of money… People want their money to be digital and programmable. They want to be able to transfer it across borders quickly, cheaply and safely.
Agustín Carstens speaks on Legitimacy, Privacy, Integrity, Choice: Towards a legal framework for central bank digital currencies #CBDCs https://t.co/jdsabEPbCr pic.twitter.com/WFgsRfNF9l
— Bank for International Settlements (@BIS_org) September 27, 2023
Carstens’ argument is predicated on his belief that “the current monetary system… needs to evolve” because that’s what people want and that “advances
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