BIS chief: Central banks are the best organization to ensure financial confidence in the digital age

Agustin Carstens, Director of the Bank for International Settlements, said intermediary banks are and will continue to be the best schools for building trust in the digital age.

New developments such as Coin Stable and DeFi are a welcome improvement, but they can affect finances without the necessary oversight.

It is not recommended to rely solely on personal money. This can easily pay off with the stable global profits of large corporations. However, by doing so, users can send financial process keys to the most searched companies. Such placement can lead to trust.

Carstens also pointed to recent BIS research claiming that the division of labor promised in DeFi services is a surprise. Blockchain approval mechanisms serve as the basis for energy, making it easier for certain stakeholders to make important decisions.

DeFi can affect the security of a wide range of systems due to the same inconsistencies that exist in traditional financial services, including high cost, poor performance, and connections to financial processes.