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Legal fog over central bank digital currencies 'unacceptable', BIS warns
Developing national digital currencies are at risk due to a lack of legal powers to issue them in most of the world, the head of the global central bank umbrella body, the Bank for International Settlements, warned on Wednesday (Sep 27). While countries generally have laws on banknotes, coins and credit balances, an IMF paper in 2020 showed that close to 80 per cent of central banks are either not allowed to issue a digital currency under their existing laws, or the legal framework is unclear. "This needs to be rectified," the BIS' general manager Agustin Carstens said in a speech. "The public rightly demands forms ... (full story)