Bank for International Settlements (BIS) Agustin Carstens, one of its directors, discussed the issue of whether stablecoins will replace fiat money in the future.
Carstens, who plays a role in the management team of BIS, which is a member of central banks around the world, believes that the stablecoin debate is over after the negative developments in the crypto market last year.
BIS executive speaking on Bloomberg TV “fiat has won a decisive victory over stablecoins” stressed.
bitcoin It’s currently trading around $25,000, after hitting as high as $69,000 in late 2021. In the bear market last year, FTX, Alamenda Research, BlockFi And terra There have been numerous bankruptcies such as
Based on the bad events, Carstens supported the superiority of central banks over stablecoin projects with the following words:
“Only currencies in which central banks are collateral can give full confidence. Cryptocurrencies are an industry that can only exist under certain financial conditions. We saw what happens when the market goes down.”
The BIS manager is an alternative for those seeking digital assets. CBDC pointed currencies. Many central banks around the world are working on their own digital currency.
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