Central bank digital currency (CBDC) needs to supplant crypto assets as the basis for future monetary innovation, the Bank for International Settlements says.

Underlying this vision for the future of the monetary system is the idea that public trust in central banks has not been compromised. By contrast, the BIS views the recent meltdown in the crypto market – including the collapse of a major stablecoin – as evidence that crypto and decentralised finance (DeFi) cannot be the foundation of