Investing.com – The head of the Bank for International Settlements (BIS), Augustin Carstens, recently said that cryptocurrencies have already lost the battle against fiat currencies. He justified this statement by the fact that the technology is not able to guarantee a trustworthy monetary equivalent.
Carstens is calling on G20 countries to implement cryptocurrency regulation, oppose stablecoins, and encourage the development of central bank digital currencies (CBDCs). It is above all the latter that would benefit from the technological advantages of blockchains, while the new currency would gain credibility thanks to the supervision of central banks.
Edward Snowden, known as an NSA whistleblower, has spoken out against CBDCs several times in the past. In his view, people are thus being forced to give up their privacy when it comes to data protection.
Snowden attacked Carstens personally on Twitter (NYSE:), which earned him some criticism, while he was denied some sensibility. He replied as follows:
“We should be more sensitive to those struggling with inflation.”
By Marco Oehrl