The crypto challenge

Central banks will have to respond to Facebook's Libra

Just a few months ago, Augustín Carstens, general manager of the Bank for International Settlements (BIS), said his organisation saw no value in the potential of digital currencies issued by central banks. Mr Carstens seems to have just changed his opinion. In a recent interview, he said the BIS was working with many central banks that were developing digital currencies as there was a market. The announcement by Facebook of its intention to issue Libra, a crypto coin, may have been behind the new stand taken by the BIS and central banks. Cryptocurrency issued by central banks would turn the