BIS Head: Central banks must act against 'Ponzi scheme' cryptocurrencies: - RTRS

Speaking at Frankfurt’s Goethe University on Tuesday, Agustin Carstens, the head of the Bank for International Settlements (BIS) urged the global central banks to remain prepared to act against cryptocurrencies. The call is to ensure they do not become entrenched and undermine trust in central banks

Key Quotes:

“There is a strong case for policy intervention.” 

“These assets can raise concerns related to consumer and investor protection. Appropriate authorities have a duty to educate and protect investors and consumers, and need to be prepared to act.”

“Private digital tokens masquerading as currencies must not subvert this trust (in central banks).”