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BIS Wants Central Banks at Center of Digital Cash Revolution


Photographer: Philippe Lopez/AFP via Getty Images

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Central banks must embrace the revolution under way in digital money to ensure they remain at the heart of the global payments system, according to the head of the Bank of International Settlements.

Agustin Carstens’s argument is that while the private sector “excels at customer-facing activity,” central banks provide the basis for trust, ensure liquidity and set standards. He’s unenthusiastic about Bitcoin and worried that big tech companies like Facebook offering payment services means they could become unfairly dominant because of their existing data resources.