{"id":85076,"date":"2023-09-27T17:14:17","date_gmt":"2023-09-27T14:14:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85076"},"modified":"2025-09-12T21:10:35","modified_gmt":"2025-09-12T18:10:35","slug":"bis-urges-countries-to-lay-legal-groundwork-for-cbdcs","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bis-urges-countries-to-lay-legal-groundwork-for-cbdcs\/","title":{"rendered":"BIS Urges Countries to Lay Legal Groundwork for CBDCs"},"content":{"rendered":"

The Bank for International Settlements (BIS) has urged governments worldwide to establish a regulatory framework to underpin the deployment of central bank digital currencies (CBDC<\/a>s). BIS head Agust\u00edn Carstens said this at the BISIH-FSI conference, according to The Block<\/a>.<\/p>\n

Carstens warned that outdated legal frameworks in different jurisdictions could hinder the development of the technology.<\/p>\n

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\u201cWork to resolve these problems must begin in earnest. And it must proceed at a rapid pace,\u201d he emphasised.<\/p>\n<\/blockquote>\n

According to him, central banks are currently actively studying CBDCs to spur innovation, but cannot achieve the desired transformation on their own.<\/p>\n

The BIS chair cited the \u0434\u043e\u043a\u0443\u043c\u0435\u043d\u0442<\/a> IMF<\/span> from 2021, according to which almost 80% of all central banks either cannot issue digital currency under existing laws, or have vague legal constraints.<\/p>\n

Meanwhile, a BIS survey showed that 93% of central banks are at various stages of CBDC development. Such data indicate that the legal framework is lagging behind the new technologies, Carstens noted.<\/p>\n

He also urged countries to craft laws that are as interoperable with other jurisdictions as possible for this new form of money.<\/p>\n

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\u201cIt would be unfortunate if we ended up with a fragmented system and a legal framework in which different digital currencies do not interact with each other,\u201d he added.<\/p>\n<\/blockquote>\n

In his view, such legislation should strike a balance between user protection and the integrity of the financial system.<\/p>\n

Speaking about the shrinking use of cash, the BIS chief noted that cryptocurrencies and stablecoins \u201cfuel demand for change,\u201d but rejected any intrinsic value.<\/p>\n

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\u201cEven ‘stablecoins’ do not guarantee price stability. They neither meet nor can they meet the standards that the public expects from money,\u201d concluded Agust\u00edn Carstens.<\/p>\n<\/blockquote>\n

As BIS has said, CBDCs are the foundation of future monetary systems<\/a>. Experts say that other digital assets are a misguided path<\/a> to tokenisation.<\/p>\n

Earlier, IMF experts acknowledged<\/a> that banning cryptocurrencies is not the best way to mitigate the risks associated with them.<\/p>\n","protected":false},"excerpt":{"rendered":"

The BIS has urged governments worldwide to establish a regulatory framework for central bank digital currencies.<\/p>\n","protected":false},"author":1,"featured_media":85077,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1430,1095,36],"class_list":["post-85076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bis","tag-cbdc","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=85076"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85076\/revisions"}],"predecessor-version":[{"id":85078,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85076\/revisions\/85078"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/85077"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=85076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=85076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=85076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}