Money in the digital age: what role for central banks?

Lecture by Mr Agustín Carstens, General Manager of the BIS, at the House of Finance, Goethe University, Frankfurt, 6 February 2018.

Reviewing the economic functions and historical foundations of money, this lecture asks whether new technology fundamentally alters the advantages of central banks being the ultimate issuer. The inquiry sheds light on current policy questions surrounding cryptocurrencies. It concludes that authorities should focus on the ties linking cryptocurrencies to the conventional financial system and apply the level playing field principle of "same risk, same regulation".