'Simply Unacceptable': BIS Chief Issues Stern Warning On Legal Uncertainties Around CBDCs

To date, 11 countries have successfully launched CBDCs, including India.

India launched its own CBDC, the Digital Rupee, late last year.

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In a recent address, Agustin Carstens, the head of the Bank for International Settlements (BIS), the umbrella organisation for global central banks, raised a critical concern regarding the development of national digital currencies. Carstens highlighted the precarious legal landscape that poses a risk to the issuance of digital currencies in most parts of the world. While countries typically have established laws governing banknotes, coins, and credit balances, an IMF paper from 2020