This dear readers is Mr. Agustin Carstens, General Manager of the Bank of International Settlements based in Basel Switzerland. The BIS is ” an international financial organisation owned by 60 member central banks, representing countries from around the world that together make up about 95% of world GDP”
Earlier today Mr. Carstens weighed in on cryptocurrencies branding them as:
With cryptocurrencies being almost completely decentralised, the term “conflict of interest” comes to mind. Why does Mr. Carstens feel the need to use such bombastic terms? In addition, he adds:
“..for money to keep its value, it must be backed by accountable institutions which enjoy public trust. Here, central banks are key.”
I’m inclined to take his comments as a sure sign cryptos are getting something right. The full text of his speech can be downloaded here.