BIS Secretary-General: "Cryptocurrencies Are Speculative Tools... Regulation Needed"
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[Asia Economy Reporter Byunghee Park] Agustin Carstens, General Manager of the Bank for International Settlements (BIS), argued that cryptocurrencies are speculative instruments and should be regulated, CNBC reported on the 24th (local time).
In an interview with CNBC, General Manager Carstens stated, "Cryptocurrencies are being used to evade legal frameworks," pointing out that current laws aimed at preventing money laundering and terrorist financing do not apply to some cyber currencies. Regarding the recent price surge of cryptocurrencies such as Bitcoin, he noted that they are "used as speculative instruments."
He also said that cryptocurrencies will not be able to threaten central banks or the existing financial system.
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In January, General Manager Carstens also claimed the possibility of the collapse of Bitcoin, the leading cryptocurrency, and stated that digital currencies should only be issued by central banks.
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