Agustín Carstens has called for cryptocurrencies to be subject to more regulations while arguing that virtual currencies have not made a significant dent in global finance.
Agustín Carstens, general manager of the Bank for International Settlements, has called for even more crypto regulations stating that virtual currencies are a tool for circumventing financial laws.
In an interview with CNBC on Wednesday, the BIS general manager identified money laundering and terrorism financing as areas that require more robust cryptocurrency regulations.
Carstens’s comments, a common refrain among crypto critics, come despite the preponderance of established facts indicating that crypto criminality occupies a minute proportion of global cryptocurrency commerce.
According to Carstens, cryptocurrencies have a notoriety for being instruments of criminal activities due to the pseudonymous nature of virtual currency transactions.
However, blockchain intelligence firms continue to work with regulators and law enforcement agencies to provide robust crypto forensic capabilities.