BIS chief: countries need CBDC legal frameworks
Countries need clear legal framework s to implement central bank digital currencies (CBDCs), according to the head of the Bank for International Settlements (BIS) during a recent conference in Basel. The event focused on updating laws for the digital currency technology. In a speech held on Sept. 27, later published on their website, BIS General Manager Agustín Carstens said national laws must allow central banks to issue digital currencies if CBDCs are to meet public demand. Most countries currently prohibit or have unclear rules around CBDC issuance. Carstens said CBDCs can expand financial access and make payments faster and cheaper. However, they require updated laws on issues like privacy and anti-money laundering safeguards. It is simply unacceptable that unclear or outdated legal framework s could hinder [CBDCs’] deployment. The work to address these issues needs to begin in earnest. And it needs to proceed at pace. Agustín Carstens — BIS General Manager Carstens ...