The head of the Bank for International Settlements (BIS), Agustín Carstens, has expressed skepticism about cryptocurrencies, questioning their ability to replace fiat currency. 

According to Carstens, cryptocurrencies ‘don’t make for trusted money’, a factor he suggests was validated by last year’s bear market, he said in an interview with Bloomberg on February 22. 

Carstens acknowledged that the growth of cryptocurrencies elevated them to be considered a replacement for fiat, but in his view, the technology behind digital currencies does not make them a reliable form of currency.

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