Payments changes far more important than bitcoin, Carstens says

augustin-carstens-mexico

Central banks’ work in reforming payment systems is far more important than the emergence of cryptocurrencies such as bitcoin, the general manager of Bank for International Settlements said.

“The use of ‘currencies’ is misleading. Cryptocurrencies, such as bitcoin, ether and tether, do not serve the core functions of money,” Agustín Carstens told an audience in Miami on November 1. “No cryptocurrency is a true unit of account or a payment instrument, and we have seen this year that they are a

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