%20innovation%20hub,%20told%20the%20Financial%20Times%20that%20central%20banks%20need%20to%20accelerate%20in%20developing%20their%20own%20digital%20currencies%20(CBDCs).){kind=link}

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<p><strong>Benoit Kere</strong>, head of innovation at the Bank for International Settlements, is confident that <strong>cryptocurrencies </strong>and <strong>stablecoins </strong>are already a threat to credit institutions.</p>



<p><strong>Benoit Kere</strong>, head of the Bank for International Settlements (<strong>BIS</strong>) innovation hub, told the <a href="https://www.ft.com/content/8dc38c24-8da1-40a0-a3f1-6f189bc94c3a" target="_blank" rel="noreferrer noopener">Financial Times</a> that central banks need to accelerate in developing their own <strong>digital currencies</strong> (CBDCs).</p>



<p>According to <strong>Kere</strong>, regulators should create alternatives to private financial instruments as soon as possible, since the decentralized finance industry (<strong>DeFi</strong>) and <strong>stablecoins </strong>may compete with traditional banks in the future.</p>



<p>The head of <strong>BIS </strong>noted that <strong>digital assets</strong> already pose a threat to credit institutions. Now regulators need to decide how to respond to this threat, Kere explained.</p>



<p class="has-text-align-center"><em><strong>“Regulators should act while the existing system is still functioning &#8211; act now,” Kere added.</strong></em></p>



<p><strong>Central banks</strong> risk losing their leading position in the financial system, since <strong>cryptocurrencies </strong>and <strong>stablecoins </strong>already exist, and the development of CBDC will take years more, the head of BIS emphasized.</p>



<p>In March of this year, Kere already <a href="https://www.bloomberg.com/news/articles/2021-03-25/bis-s-coeure-says-bitcoin-has-failed-test-on-being-a-currency" target="_blank" rel="noreferrer noopener">announced that bitcoin</a> can be considered an <strong>investment </strong>instrument. However, in his opinion, the main <strong>cryptocurrency </strong>did not pass the test for the status of a payment instrument, as it is too volatile.</p>



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