They are also actively testing the distributed ledger technology underlying cryptocurrencies – not as a substitute for the current system, but to build on it.”
The BIS general manager concludes that “Even in this digital age, trust in the issuing institution matters and will continue to underpin currencies.
Central banks, for their part, will have to continue earning that public trust by closely guarding their currency’s value.”
Mr. Carstens added that the BIS would be providing further elaboration regarding its opinions pertaining to cryptocurrency in a “special section” of its annual report on June 17th.
Do you think that cryptocurrency undermines the financial hegemony of central banks?
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Images courtesy of Shutterstock, Wikipedia

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