Allowing “outdated legal frameworks” to hamper the development of central bank digital currency is “simply unacceptable”, Agustín Carstens said on September 27.

The Bank for International Settlements general manager described the legal framework as a “key underpinning for the legitimacy of money”. He told a conference in Basel that the law helps ensure people trust money today “because they know others will trust in it tomorrow”.

This applies to CBDC as well as other forms of money, Carstens