BIS head Carstens: China’s clearing and settlement service is no substitute for global Swift system

Bank for International Settlements (BIS) chief Agustin Carstens said the world needs different remittance settlement systems to "complement" each other to serve different user needs. The general manager who oversees the Basel, Switzerland-based institution often dubbed the "central banks' central bank" made his remarks on December 6, 2022, in an exclusive interview with the Post. Carstens also discussed the endeavours by global monetary authorities to issue digitised fiat money, or central bank digital currencies (CBDCs) and the need for financial authorities to provide regulatory guardrails to protect speculators from turmoil in the cryptocurrency market.