👎 BIS settlements exec advises against central bank digital currencies

In a recent speech, Bank of International Settlement (BIS) manager Agustin Carstens declared central bank digital currencies (CBDCs) dangerous, citing bank runs and interest rate issues. CBDCs could allow bank deposits to move quicklier out of central banks to smaller national or commercial banks, putting central banks at risk. The interest rate structure would also change with CBDCs which could disrupt the financial system.