Category: Agustín Carstens

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BIS Boss Coins ‘Finternet’ Term, Touts Tokenization as Tool for Solving Today’s Financial System Shortcomings

April 17, 2024

BIS Head Agustin Carstens and Infosys co-founder Nandan Nilekani have proposed the idea of the “Finternet,” an interconnected financial system led by tokenized assets that would help to overcome today’s shortcomings in transacting financial assets. The core of this system would rely on the possibility of smart contracts managing these assets programmatically. BIS Boss Highlights…
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BIS Announces Project Agorá: Central Banks Bet on Tokenization for Cross Border Settlements

April 8, 2024

The Bank for International Settlements, the central banks’ bank, announced the launch of Project Agorá, a joint private-public initiative seeking to examine the potential benefits of tokenization for improving cross-border settlements. Agorá includes the participation of seven central banks and private institutions to be convened by the Institute of International Finance (IIF). BIS to Explore…
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BIS General Manager Agustin Carstens Touts Tokenization as Part of the Future Financial System

November 25, 2023

Agustin Carstens, general manager of the Bank for International Settlements (BIS), has discussed tokenization’s significance in modernizing the current siloed financial system. Carstens stated that only through tokenization can the world move to a more interconnected and programmable financial system, where several central bank digital currencies (CBDCs) will be transacted seamlessly. BIS Head Agustin Carstens…
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BIS Chief Touts Benefits of CBDCs, Says Crypto Reveals ‘Poorly Designed and Poorly Supervised Financial Systems’ 

November 8, 2023

In a Wednesday speech in Basel, Switzerland, Bank for International Settlements (BIS) chief Agustín Carstens argued that central bank digital currencies (CBDCs) will “sit at the core of the future financial system,” bringing innovation and meeting public expectations. While Challenges Remain, BIS Boss Agustín Carstens Insists CBDCs Will ‘Secure the Future Monetary System’ In February,…
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BIS Releases Report On ‘Project Icebreaker’ — Develops Cross-Border Retail CBDC Payment Model

March 8, 2023

The Bank for International Settlements (BIS) has released a report summarizing the “Project Icebreaker” trial, which explored the potential advantages and difficulties of utilizing a retail central bank digital currency (CBDC) in cross-border payments. The experiment was designed to test “the technical feasibility of conducting cross-border – cross-currency transactions between different [distrubuted ledger technology]-based CBDC…
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BIS General Manager Casts Doubt on Stablecoins, Claiming Tokens Do Not Benefit From Regulations or Central Planning

February 22, 2023

According to Agustin Carstens, the head of the Bank for International Settlements (BIS), cryptocurrencies have lost the “battle” against fiat currencies issued by the world’s central banks. While speaking at the Monetary Authority of Singapore on Wednesday, Carstens stressed that stablecoins are not reliable because they lack the “institutional arrangements and social conventions behind them.”…
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BIS Says Crypto Weaknesses Have Materialized Following Market Sell-Off

June 23, 2022

The Bank of International Settlements (BIS), the global body for central banks, claims the weaknesses in crypto that were pointed out before “have pretty much materialized.” BIS General Manager Agustin Carstens opined: “You just cannot defy gravity … At some point, you really have to face the music.” BIS on Crypto Weaknesses The Bank of…
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