'The soul of money belongs neither to a big tech nor to an anonymous ledger. The soul of money is trust. And central banks have been and continue to be the institutions best placed to provide trust,' says BIS_org head Agustín Carstens. By iamsandali
ByAgustin Carstens, general manager at the Bank for International Settlements.
Central banks are the key institutions for providing trust, and alternatives have often ended badly, he said. He was speaking at Goethe University’s Institute for Law and Finance conference on “Data, Digitalization, the New Finance and Central Bank Digital Currencies: The Future of Banking and Money" on Tuesday.
“DeFi is subject to the same vulnerabilities present in traditional financial services,” Carstens said. Theseinclude high leverage, liquidity mismatches and connections to the formal financial system that could affect that broader system's stability.
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