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BIS Chief Sees ‘Strong Case’ for Cryptocurrency Intervention

  • Carstens says central banks, regulators may need to act
  • Digital currencies may reshape financial system, abet crime
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"There is a strong case for policy intervention," Carstens says, citing links to tax evasion and money laundering.Source: Bloomberg
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There is a “strong case” for authorities to rein in digital currencies because of their links to the established financial system, Bank for International Settlements General Manager Agustin Carstens said.

In his first major public speech as head of the Basel, Switzerland-based institution, Carstens argued that central banks -- along with finance ministries, tax offices and financial market regulators -- should police the “digital frontier.” He said they must ensure a level playing field and functioning payment systems, and safeguard the “real value” of money.