The BIS chief said that crypto assets had lost the battle for being an alternative to fiat currency.
BIS also has ‘serious doubts’ over stablecoins.
However, he said that distributed ledger technology (DLT) would play an essential role in the future of payments.
A major global institution is questioning crypto’s role as money while praising blockchain tech simultaneously.
Agustin Carstens, the Bank for International Settlements (BIS) head, said that crypto had lost that argument against fiat currency. However, he also said that distributed ledger technology (DLT) has important implications for the future of money.
“A few years ago, crypto assets and cryptocurrencies have been put as an alternative to fiat money,” Carstens said in an interview with Bloomberg on Wednesday. “That battle has been won,” he added.
“A technology doesn’t make for trusted money,” Carstens said. “Only the legal, historical infrastructure behind central banks can give great cred
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