Agustín Carstens, the Bank for International Settlements (BIS) general manager, urged governments to create a legal framework to ease the creation and introduction of Central Bank Digital Currencies (CBDC).
In a Sept. 27 speech delivered at the BISIH-FSI conference in Switzerland, Carstens emphasized the pressing need to address legal challenges obstructing the progress of CBDCs. The BIS chief found it unacceptable that unclear or outdated legal frameworks might impede the implementation of CBDCs.
Citing an International Monetary Fund (IMF) report, Carstens noted that nearly 80% of central banks either lack the legal authority to issue a digital currency under their current regulations or face unclear legal parameters. According to him, this must be rectified as the public demands forms of money that meet their needs and expectations.
Carstens pointed out the decline in cash usage and the growing demand for alternative forms of currency. Per his speech, users increasingly seek innovat
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