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BIS general manager Agustín Carstens stresses the importance of legal frameworks that protect CBDC user privacy and maintain monetary freedom of choice. Legal framework s that ensure that user privacy and the freedom to choose between central bank digital currencies and other forms of money will be key in driving CDBC adoption, according to the head of the Bank of International Settlements. Speaking at the BIS Innovation Hub conference in Switzerland on Sept. 27, BIS general manager Agustín Carstens stressed that legal frameworks remain a key consideration in the development and proliferation of CBDCs around the world: “Most fundamentally, the legitimacy of a CBDC will be derived from the legal authority of the central bank to issue it. That authority needs to be firmly grounded in the law.” He added that different countries' laws specify what types of money their central bank can issue, which typically includes physical cash as well as credit balances on current and reserve ac...

The Central Bank s of developing countries are accumulating GOLD to end their reliance on the U.S. dollar. The foreign exchange reserves for the U.S. dollar have sharply fallen by 12% in the last two decades. The U.S. dollar accounted for 71% of all forex transactions in 2003 but dipped to 59% in 2023. In addition, BRICS member China added 21 tonnes of GOLD to its reserves in June 2023. Also Read: U.S. Dollar Could Fall if BRICS Pay in Local Currencies for Oil & Gas China, India, and Russia are on a gold accumulation spree, and the BRICS bloc will be the top buyer of the precious metal in 2023. The development adds pressure on the U.S. dollar as the BRICS are challenging its global supremacy. BRICS: U.S. Dollar Remains King Despite Drop in Central Bank Reserves Source: Pexels While the U.S. dollar experienced a dip in the developing nations’ Central Bank reserves, its usage saw a boost in the global markets. The dollar’s usage held up well in commerce, pr...