Change of heart

After issuing comments and reports heavily critical of cryptocurrencies over the last few years, Agustin Carstens, chief of the Bank for International Settlements (BIS), has acknowledged that central banks will likely soon need to issue their own digital currencies.Speaking to the Financial Times on Sunday, Carstens said that BIS – which acts like a central bank for central banks – is supporting global central banks’ efforts to research and develop digital currencies based on national fiat currencies.A number of central banks are engaged in such work and “we are working on it, supporting them,” Carstens said. Further, the arrival of such products might just around the corner if there is clear evidence of demand from the public.

BIS changing its mind after pestering by central banks.  They have no choice.  Someone is building an FDIC app, a complete digital bank that fits into our AppleID iPods. So tell Tim Cook to get AppleID ready for applications.

“The issue is how will the currency be used? Will there be discovery of information, or data that can be used in credit provision and how will data privacy be protected?” he said, adding that a “simple way” to regulate such cryptocurrency networks is to start addressing “immediate and very obvious” money laundering concerns.

That is Tim's job, he has to get to DC and talk to the NSA. If the NSA is on board, we can guarantee lower limits on CB currency levels help as digicash. The other problem, it is not enough for the CB to support digital, they have to get humans out of the loop in order to compete in sandbox.