Carstens: Money without central banks is doomed to fail
Many “architectures” are possible but they must be built on a foundation of trust, BIS chief says
The technology behind money may be evolving but it is essential that central banks remain at the heart of the monetary system, Agustín Carstens said on December 5.
The Bank for International Settlements (BIS) general manager was critical of private attempts to usurp central bank money, saying that throughout history all such experiments ultimately succumbed to the temptation to subvert the system in search of profits.
Only central banks are able to build the trust that is required as a solid
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