{"id":4222,"date":"2023-09-27T15:29:06","date_gmt":"2023-09-27T15:29:06","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=4222"},"modified":"2023-09-27T15:29:06","modified_gmt":"2023-09-27T15:29:06","slug":"bis-advocates-for-legalization-of-cdbcs","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bis-advocates-for-legalization-of-cdbcs\/","title":{"rendered":"BIS Advocates for Legalization of CBDCs!"},"content":{"rendered":"

BIS Advocates for Legalization of CBDCs! BIS advocates for the legalization of CBDCs, urging countries to establish appropriate legal frameworks to support distribution!<\/p>\n

General Manager of BIS Agust\u00edn Carstens<\/strong> warned in a speech at the BISIH-FSI<\/strong> conference in Switzerland today that outdated legal frameworks in different jurisdictions could hinder the development of CBDCs<\/strong>.<\/p>\n

Carstens<\/strong> said, “It is absolutely unacceptable for uncertain or outdated legal frameworks to hinder their implementation.” Also he concluded his words by saying, \u201cWork to address these issues needs to begin seriously and progress quickly.\u201d<\/p>\n

\n

You might like: Gary Gensler Spoke About Crypto!<\/strong><\/a><\/p><\/blockquote>\n

\n

Call for a More Advanced Legal Framework from BIS<\/h1>\n

Carstens<\/strong> emphasized that the current monetary system needs to evolve. He also stated that central banks are actively researching CBDCs<\/strong> to encourage innovation. But he said central banks alone cannot achieve the transformation they want.<\/p>\n

Along with this, Carstens<\/strong> referred to the 2021<\/strong> IMF document and said that about 80% of<\/strong> central banks either cannot issue digital money based on existing laws or have uncertain legal frameworks.<\/p>\n

In contrast, the published BIS<\/strong> survey revealed that 93%<\/strong> of central banks are actively involved in various aspects of CBDC<\/strong> development. This indicates that legal frameworks lag behind the progress made by central banks in the CBDC<\/strong> field.<\/p>\n

Carstens<\/strong> noted that the legitimacy of CBDC<\/strong> comes from the legal authority of the central bank to issue it. He added, \u201cThis authority needs to be firmly based on laws.\u201d He highlighted the importance of legal frameworks that support the legitimacy of money by mentioning that money is a social structure.<\/p>\n

\u201cMoney cannot operate without law,\u201d he added.<\/strong><\/p>\n

Carstens<\/strong> called for legal frameworks in the jurisdiction to be able to work together with other jurisdictions. \u201cIf we end up with a fragmented system and legal framework where different digital currencies<\/strong> do not work together, it would be an unfortunate situation,\u201d he added.<\/p>\n

\n

You can freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram<\/strong>\u00a0 ,<\/a>YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

BIS Advocates for Legalization of CBDCs! BIS advocates for the legalization of CBDCs, urging countries to establish appropriate legal frameworks to support distribution! General Manager of BIS Agust\u00edn Carstens warned in a speech at the BISIH-FSI conference in Switzerland today that outdated legal frameworks in different jurisdictions could hinder the development of CBDCs. Carstens said,<\/p>\n","protected":false},"author":2,"featured_media":4221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1552,872,1553,1554,336,1558,1557,1555,1556],"class_list":["post-4222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bank","tag-banking","tag-bis","tag-cdbc","tag-cryptocurrencies","tag-digital-currencies","tag-imf","tag-legalization","tag-legalization-of-cbdc"],"yoast_head":"\nBIS Advocates for Legalization of CBDCs! - Coin Engineer<\/title>\n<meta name=\"description\" content=\"BIS advocates for the legalization of CBDCs, urging countries to establish appropriate legal frameworks to support distribution!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bis-advocates-for-legalization-of-cdbcs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BIS Advocates for Legalization of CBDCs! 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