Central banks have a responsibility not only to keep pace with the digital age but to lead innovation, Agustín Carstens, General Manager of the Bank for International Settlements (BIS), believes.
In his opening remarks at the conference in Basel on Nov. 8, Carstens called the central bank digital currencies (CBDCs) the “central element” of this leadership and elaborated on the potential threats and challenges in implementing them.
One particular challenge is the variety of technological infrastructures different countries intend to develop for their CBDC projects. Carstens also mentioned cyber risks and new possibilities for “criminal activities by unscrupulous actors.”
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