Agustin Carstens, Bank for International Settlements (BIS) general manager and a noted bitcoin critic, has said that the launch of central bank-backed crypto assets could undermine financial stability.

During his speech at the Central Bank of Ireland, the BIS official said:

“There are huge operational consequences for central banks in implementing monetary policy and implications for the stability of the financial system. Central banks do not put a brake on innovations just for the sake of it. But neither should they speed ahead disregarding all traffic conditions.”

Considering the role of central banks in maintaining stability in the global financial market, the integration of decentralized crypto assets or blockchain-based solutions could present a risk.

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