BIS Chief: Central Banks Are Best Sources of Trust in Money in a Digital Age

BIS Chief: Central Banks Are Best Sources of Trust in Money in a Digital Age
Central banks are the institutions best placed to provide trust in money in the digital age and will continue to be, according to Agustín Carstens, general manager at the Bank for International Settlements, an umbrella group for the world’s central banks.“The soul of money belongs neither to a big tech nor to an anonymous ledger,” Carstens said. “The soul of money is trust.”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 (ILF) conference on “Data, Digitalization, the New Finance and Central…