BIS Chief Sees ‘Strong Case’ for Cryptocurrency Intervention

8. February 2018.

There is a “strong case” for authorities to rein in digital currencies because of their links to the established financial system, Bank for International Settlements General Manager Agustin Carstens said.

In his first major public speech as head of the Basel, Switzerland-based institution, Carstens argued that central banks — along with finance ministries, tax offices and financial market regulators — should police the “digital frontier.” He said they must ensure a level playing field and functioning payment systems, and safeguard the “real value” of money.

The value of cryptocurrencies soared in 2017 before slumping, with Bitcoin losing two-thirds of its value since mid-December. The biggest virtual currency sank 8 percent to $6,482 at 10:31 a.m. Frankfurt time, after earlier sliding to as low as $5,922, according to Bloomberg composite pricing.

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