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☆ American journalist Evan Gershkovich marks one year in Russian detention
▼ + stars: | 2024-03-29 | by ( Jennifer Hansler | ) edition.cnn.com time to read: +4 min

American journalist Evan Gershkovich marked the grim milestone of one year in Russian detention on Friday as US efforts have yet to secure his release. “This has been a really difficult year for our family,” Gershkovich’s sister, Danielle Gershkovich, said at an event last week. Gershkovich is the first journalist to be arrested on such charges since the Cold War, and the Russian government has yet to provide any evidence to support its claim. “This verdict to further prolong Evan’s detention feels particularly painful, as this week marks one year since Evan was arrested and wrongfully detained,” US Ambassador to Russia Lynne Tracy said Tuesday. But it is time for the Russian government to let Evan go.”In the past several years, Russia has detained a number of other Americans.

Persons: Evan Gershkovich, ”, Danielle Gershkovich, “ It’s, Gershkovich, Evan, Lynne Tracy, “, “ Evan, Paul Whelan, Alsu Kurmasheva, Ksenia Karelina, Marc Fogel, Roger Carstens, CNN’s Christiane Amanpour, Carstens, Matthew Miller, Paul, Moscow, ’ Gershkovich Organizations: Street, Gershkovich, US State Department, ”, Philadelphia Inquirer Locations: Russian, Yekaterinburg, Moscow’s, Russia, American, Moscow

☆ Sticky prices in services sector could delay rate cuts, Bank for International Settlements says
▼ + stars: | 2024-03-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSticky prices in services sector could delay rate cuts, Bank for International Settlements saysAgustín Carstens, general manager of the Bank for International Settlements, discusses interest rate cuts, the macroeconomic landscape, commercial real estate and the outlook for banks in 2024.

Persons: Agustín Carstens Organizations: Bank for International

☆ Fed and other banks to make 'major progress' on rates this year, BIS chief says
▼ + stars: | 2024-03-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

The Federal Reserve and the European Central Bank look poised to make "major progress" in cutting interest rates this year, according to the central bank of central banks. BIS serves as a bank and forum for national central banks, and as such has close understanding of their monetary policies. During its March meeting, the ECB held interest rates steady, but hinted at a June rate cut as it trimmed its annual inflation forecast. The Fed and the Bank of England are expected to shine future light on their plans for interest rates during their monetary policy meetings this week. The Bank of Japan is meanwhile predicted to lift interest rates on Tuesday, according to a Reuters poll, marking a major turn in its nearly two-decade-long cycle of negative interest rates.

Persons: Carstens, Annette Weisbach, disinflation, Philip Lane, JP Morgan, Goldman Sachs, BoE Organizations: Federal Reserve, European Central Bank, Bank for International, CNBC, BIS, ECB, Bank of England, Goldman, Bank of Japan

WASHINGTON (AP) — By any standard, the past 18 months have been remarkable for getting wrongfully detained Americans home. For all the releases of wrongly detained Americans, several dozen remain imprisoned or held hostage, often by a hostile government. In some instances, there have been few signs of progress, and families have sometimes seen the foreign countries that are holding their loved ones release other detainees — but not yet their relatives. In September, five Americans jailed for years in Iran walked free in a deal that saw the release of nearly $6 billion in frozen Iranian assets. Despite the administration’s recent spate of success with other detainees, he said he was pragmatic about the absence of an obvious solution.

Persons: Brittney Griner, Harrison Li, Kai, Li, ”, he’s, “, ” Li, Roger Carstens, ” “ There’s, ” Carstens, Biden, Leonard ”, Nicolas Maduro, Paul Rusesabagina, Joe Biden, Kai Li, Xi Jinping, you’re, Maryam Kamalmaz, Majd Kamalmaz, Austin Tice, Carstens, there’s, He’s, Paul Whelan, we’re, Whelan’s, David, Whelan, don’t Organizations: WASHINGTON, Stanford, Biden, ., U.S, U.S ., FBI, United, Michigan Locations: Iran, Russia, Venezuela, China, Rwanda, ”, Israel, Gaza, U.S, Shanghai, United Nations, Washington, Beijing, Texas, Syria, United States, America, Kremlin

CNN —President Joe Biden said Tuesday that he believes a deal can be reached to release hostages being held by Hamas in Gaza, voicing optimism as officials tell CNN prolonged talks to free hostages are nearing an agreement. The broad parameters that are currently being discussed entail Hamas releasing a large group of hostages at the same time Israel frees Palestinian prisoners. Israel recently asked for 100 hostages to be released, according to a Hamas spokesman and a source familiar with the negotiations. A senior Israeli official told that CNN hostage negotiations are ongoing – and are being handled by Qatar, the CIA, and Israel’s intelligence agency Mossad. Another factor that had slowed talks was a lack of information about the hostages Hamas is holding.

Persons: Joe Biden, “ I’ve, ” Biden, “, it’s, Biden, Jake Sullivan, Hostage Affairs Roger Carstens, Israel, Benjamin Netanyahu, CNN’s Dana Bash, – Organizations: CNN, White, US, National, Hostage Affairs, Israel, Qassam, CIA Locations: Gaza, Israel, Washington ,, Qatar, Israeli

☆ Biden Talks With Families of Missing Americans
▼ + stars: | 2023-10-13 | by ( ) www.wsj.com time to read: 1 min

President Biden held a call Friday with the family members of the 14 Americans still unaccounted for following the attacks in Israel, the White House said. Biden was joined on the call by a group of advisers, including national security adviser Jake Sullivan and Roger Carstens, who serves as a special envoy for hostage affairs. John Kirby, a spokesman for the National Security Council, said the call included a couple of family members from each of the families of those 14 Americans. Kirby said Biden “conveyed directly to these families that they have been in his prayers” and said the government was doing everything possible to locate and bring home their loved ones. The fate of the missing Americans remains unknown, but U.S. officials have said at least some of them are believed to be among the hostages taken by Hamas.

Persons: Biden, Jake Sullivan, Roger Carstens, John Kirby, Kirby, Biden “ Organizations: National Security Council Locations: Israel

☆ Biden speaks with families of Americans unaccounted for in Israel
▼ + stars: | 2023-10-13 | by ( Betsy Klein | ) edition.cnn.com time to read: +7 min

Washington CNN —President Joe Biden on Friday spoke with the families of the Americans who remain unaccounted for in Israel after promising to speak with family members of those who are held hostage by Hamas. The family members joined Biden from both Israel and the US for the video call, a source familiar with the conversation told CNN. It made for a large gathering, as multiple family members joined from different locations in some cases. We are confident that we are in good hands,” she said on “The Situation Room.”Cohen noted that she has many other family members unaccounted for. The US is in “direct communication” with Israeli counterparts and the families, Kirby told CNN’s Poppy Harlow on Friday morning.

Persons: Joe Biden, Biden, “, ”, John Kirby, Biden “, Roger Carstens, Kirby, ” Kirby, Saray Cohen, CNN’s Wolf Blitzer, ” Cohen, CBS ’ Scott Pelley, ” Biden, White, CNN’s Poppy Harlow, Antony Blinken Organizations: Washington CNN, National Security, Biden, CNN, CBS, FBI, Pentagon Locations: Israel, Philadelphia, United States, America, Gaza, Qatar, Afghanistan, Iraq

"The markets will also be following what the scenarios are looking like," he said, and whether, after decades of instability in the Middle East, this outbreak of violence evolves differently. "The question will be is this iteration something that will throw the long-term equilibrium out of balance?" "The conflict poses a risk of higher oil prices, and risks to both inflation and the growth outlook," said Karim Basta, chief economist at III Capital Management, leaving the Fed to sort out whether higher prices or slower growth is the greater concern. To the extent the Israeli war with Hamas heightens concerns about the global economy it could reverse that trend if capital rushes towards the relative safety of U.S. Treasury bonds, as often happens at times of potential crisis. Reporting by Howard Schneider and Ann Saphir; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Ronen, It’s, Agustin Carstens, Carl Tannenbaum, Karim Basta, Howard Schneider, Ann Saphir, Andrea Ricci Organizations: REUTERS, Rights, Bank for International, National Association for Business Economics, Federal Reserve, Northern Trust, International Monetary Fund, World Bank, III Capital Management, Fed, Treasury, Thomson Locations: Gaza, Sderot, Israel, Ukraine, U.S, Morocco, Iran, Saudi Arabia, Gulf, Suez

☆ BIS' Carstens: too early to say how new war will impact global outlook
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: 1 min

DALLAS, Oct 8 (Reuters) - Bank for International Settlements General Manager Agustin Carstens on Sunday said it's "too early to say" how the newly erupted conflict in Israel will affect the global economy still struggling with post-pandemic high inflation. "Traditionally this affects the price of oil and can affect the stock market, but it’s too early to say," Carstens told the National Association for Business Economics in answer to a question after a talk in which he emphasized the need for central banks to keep interest rates relatively high "for a while" to beat inflation. "We need to continue being very firm." Reporting by Ann Saphir; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Agustin Carstens, it's, Carstens, Ann Saphir, Diane Craft Organizations: DALLAS, Bank for International, National Association for Business Economics, Thomson Locations: Israel

☆ Legal fog over central bank digital currencies "unacceptable", BIS warns
▼ + stars: | 2023-09-27 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

Agustin Carstens leaves after G-20 finance ministers and central banks governors family photo during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. His warning comes as central banks around the world push ahead with central bank digital currency (CBDC) development in a bid to make money more high tech and keep up with the features now offered by cryptocurrencies. Some 11 countries have already launched them and next month the European Central Bank is expected to receive the green light to start work on a digital euro. Carstens, whose organisation is overseeing much of the global test work, said central banks have a mandate to meet public demands and have also made significant investments into CBDCs. "It is simply unacceptable that unclear or outdated legal frameworks could hinder their deployment," added Carstens, the former governor of the Mexico's central bank.

Persons: Agustin Carstens, Yuri Gripas, Marc Jones, Josie Kao Organizations: IMF, Bank, REUTERS, Bank for International, BIS, cryptocurrencies, European Central Bank, Thomson Locations: Washington , U.S

☆ Inside the crucial final hours as American diplomats tackled last minute obstacles to bring five Americans imprisoned in Iran home
▼ + stars: | 2023-09-21 | by ( Jennifer Hansler | ) edition.cnn.com time to read: +7 min

Senior State Department officials spoke to CNN about what happened on the condition of anonymity to discuss the sensitive details. The Iranians even threatened not to include all five of the Americans in the release unless the US did more, the officials told CNN. “We held our line and the Iranians backed down and we made it work,” a senior State Department official said. But the Qatari officials, in a smooth diplomatic maneuver, countered that they would be offended if everyone did not eat while on board the Qatari plane and an agonizing final delay was avoided. ET, the US plane carrying the seven Americans, Carstens, Paley and other US officials departed Doha en route to the US.

Persons: Iran Abram Paley, Hostage Affairs Roger Carstens, “, ”, didn’t, “ They’re, “ We’ve, “ couldn’t, Morad, Emad Shargi, Effie, Vida, Siamak, Karim Jaafar, Carstens, Paley, Antony Blinken, Blinken, Joe Biden, ” Shargi Organizations: CNN, Senior State Department, Hostage Affairs, Qatari, Swiss, State Department, Central Bank, Doha International Airport, Getty, Defense, “ CNN Locations: United States, Iran, Tehran, Doha, South Korea, Qatar, Emad Sharqi, AFP, Washington, DC, Fort Belvoir , Virginia, PISA, Fort Belvoir

☆ Iran prisoner release: Five Americans back on US soil after release from Iranian detention
▼ + stars: | 2023-09-19 | by ( Jennifer Hansler | ) edition.cnn.com time to read: +3 min

CNN —Five Americans freed from Iranian detention this week returned to US soil early Tuesday following an initial stop in Doha, Qatar, two US officials told CNN. Yay Abram!”Then the freed American detainees stepped off the plane and onto US soil for the first time in more than five years and into the arms of their loved ones, some of whom rushed forward to greet them, carrying small American flags. “We’re home,” Emad Shargi said after embracing his daughters, Hannah and Ariana, and stroking his wife Bahareh’s face. And I know a lot of you are going to maintain the fight to try to bring more Americans home,” he said. Namazi’s mother, Effie Namazi, and Tahbaz’s wife, Vida Tahbaz, who had been previously unable to leave Iran, were also on the flight from Iran to Doha, the official said Monday.

Persons: Emad, Morad, Siamak, Hostage Affairs Roger Carstens, Iran Abram Paley, “, Roger ! Yay Abram, ”, Emad Shargi, Hannah, Ariana, Bahareh’s, other’s, Carstens, Effie Namazi, Vida Tahbaz, Joe Biden, Biden Organizations: CNN — Five, CNN, Fort Belvoir’s Davison Army, Department of Defense, Hostage Affairs, Qatari, Washington, Monday, Biden Locations: Doha, Qatar, Fort, PISA, United States, Iran, Tehran, DC, American

☆ Trevor Reed: Former US Marine who was released by Russia in prisoner swap injured while fighting in Ukraine, source says
▼ + stars: | 2023-07-25 | by ( Jennifer Hansler | ) edition.cnn.com time to read: +3 min

CNN —Trevor Reed, the former US Marine who was wrongfully detained in Russia for nearly three years before being released in a prisoner swap, was injured while fighting in Ukraine, a source familiar with the matter told CNN Tuesday. Reed, who was freed in a prisoner swap in April 2022, was transported to a hospital in Kyiv and was evacuated to Germany for medical care, the source said. A US official told CNN that Reed is being treated at Landstuhl Regional Medical Center, a US military hospital near Ramstein Air Base. Reed and his family denied the charges against him, and he was designated as wrongfully detained by the US State Department. It was ultimately secured through a prisoner swap for Russian citizen Konstantin Yaroshenko, a Russian smuggler convicted of conspiring to import cocaine.

Persons: Trevor Reed, Reed, Vedant Patel, Patel, Reed “, ”, ” Patel, Jonathan Franks, Paul Whelan, Evan Gershkovich, Matt, Carstens, ” “ You’ve, Konstantin Yaroshenko Organizations: CNN, US Marine, ”, Department, Landstuhl Regional Medical, Ramstein Air Base, Russian Federation, US State Department Locations: Russia, Ukraine, Kyiv, Germany, Ramstein, Moscow

☆ The Kremlin is open to discussions over a potential prisoner swap for detained Wall Street Journal journalist Evan Gershkovich, report says
▼ + stars: | 2023-07-04 | by ( John L. Dorman | ) www.businessinsider.com time to read: +3 min

The Kremlin has expressed openness to a potential prisoner swap that could involve Evan Gershkovich. Gershkovich, a WSJ reporter, was detained by Russian officials in March on suspicion of espionage. The Journal and the US government have vehemently denied the allegations against Gershkovich. Russia's internal security service at the time said that it had detained Gershkovich, accusing him of "espionage in the interests of the American government." The US has told the Kremlin that Gershkovich is not a spy and is not a government official.

Persons: Evan Gershkovich, —, Dmitry Peskov, Peskov, Gershkovich, Joe Biden, Evan, Biden, Gershkovich's, …, Roger Carstens, We've, Carstens, They're, Paul Whelan — Organizations: Gershkovich, Service, Street, Russian Foreign Ministry, Moscow —, White House, Kremlin, Aspen Ideas, US State Department, US Marine Locations: Russia, United States, Yekaterinburg —, Moscow, Russian, Colorado

☆ Economy at critical juncture in inflation fight: central-bank body
▼ + stars: | 2023-06-26 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

"The global economy is at a critical juncture. Stern challenges must be addressed," Agustin Carstens, BIS general manager, said in the organisation's annual report published on Sunday. It is the first time that, across much of the world, a surge in inflation has co-existed with widespread financial vulnerabilities. The longer inflation remains elevated, the stronger and prolonged the required policy tightening, the BIS report said, warning that the possibility of further problems in the banking sector was now "material". Commenting further on the economic picture, Carstens, former head of Mexico's central bank, said the emphasis was now on policymakers to act.

Persons: Stern, Agustin Carstens, Claudio Borio, Borio, Marc Jones, Emelia Sihtole Organizations: BIS, LONDON, Bank for International Settlements, Reuters, Reuters Graphics Reuters, Silicon Valley Bank, Credit Suisse, Bank of America, U.S . Federal Reserve, European Central Bank, Thomson Locations: Britain, Norway, Silicon

☆ Central bank body BIS warns world economy at critical juncture in inflation fight
▼ + stars: | 2023-06-26 | by ( ) www.cnbc.com time to read: +4 min

The world's central bank umbrella body, the Bank for International Settlements (BIS), called for more interest rate hikes in its 2023 annual report, warning the world economy was now at a crucial point as countries struggle to rein in inflation. Aaron Chown - Pa Images | Pa Images | Getty ImagesThe world's central bank umbrella body, the Bank for International Settlements (BIS), called on Sunday for more interest rate hikes, warning the world economy was now at a crucial point as countries struggle to rein in inflation. If interest rates get to mid-1990s levels the overall debt service burden for top economies would, all else being equal, be the highest in history, Borio said. Banking crisesThe Swiss-based BIS held its annual meeting in recent days, where top central bankers discussed the turbulent last few months. Commenting further on the economic picture, Carstens, former head of Mexico's central bank, said the emphasis was now on policymakers to act.

Persons: Aaron Chown, Stern, Agustin Carstens, Claudio Borio, Borio Organizations: Bank for International Settlements, BIS, Reuters, Silicon Valley Bank, Credit Suisse Locations: Britain, Norway, Silicon

☆ Why chaos in Russia could spell trouble for the global economy
▼ + stars: | 2023-06-25 | by ( Mark Thompson | ) edition.cnn.com time to read: +6 min

On Saturday, a fellow global energy power, Qatar, expressed “great concern” about the situation in Russia. Any meaningful loss of Russian energy would force China and India to compete with Western nations for supplies from other producers. Libya and Venezuela provide cautionary tales of how civil war and internal political strife can savage energy exports. At just under 10 million barrels per day, it produces about 10% of global crude oil demand. It took a long time for the Russian oil industry to recover from that.

Persons: Vladimir Putin, “ Putin, ”, Jeffrey Sonnenfeld, Richard Bronze, Matt Smith, Kpler, —, Stern, Agustin Carstens, Brent, Moscow, “, Sonnenfeld, — Sarah Diab, Sharon Braithwaite, Alexandra Peers, Ramishah Organizations: London CNN —, ” Yale, CNN, Western, Energy, Bank for International, BIS, US Energy Information Agency, Council, Foreign Relations Locations: Ukraine, Russian, Moscow, Russia, China, India, Qatar, Americas, Europe, United States, Basel, Asia, Venezuela, Libya, Saudi Arabia, OPEC, Soviet Union, London, New York

☆ World economy at critical juncture in inflation fight, central-bank body warns
▼ + stars: | 2023-06-25 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

Stern challenges must be addressed," Agustin Carstens, BIS general manager, said in the organisation's annual report published on Sunday. It is the first time that, across much of the world, a surge in inflation has co-existed with widespread financial vulnerabilities. The longer inflation remains elevated, the stronger and prolonged the required policy tightening, the BIS report said, warning that the possibility of further problems in the banking sector was now "material". "Very high debt levels, a remarkable global inflation surge, and the strong pandemic-era increase in house prices check all these boxes," the BIS said. Commenting further on the economic picture, Carstens, former head of Mexico's central bank, said the emphasis was now on policymakers to act.

☆ US hostage envoy Roger Carstens quietly traveled to Venezuela this week
▼ + stars: | 2023-06-21 | by ( Jennifer Hansler | ) edition.cnn.com time to read: +3 min

CNN —US Special Presidential Envoy for Hostage Affairs Roger Carstens quietly traveled to Venezuela this week, a State Department spokesperson confirmed to CNN Wednesday. Carstens traveled to the capital city of Caracas for “discussions about the welfare and safety of US nationals wrongfully detained in Venezuela,” the spokesperson said. “We continue to advocate for the immediate and unconditional release of all wrongfully detained US nationals in Venezuela at every opportunity,” they said. ‘Signing his death warrant’The family members of the detained Americans, all of whom have been detained more than a year, are increasingly worried about their loved ones. Tillery told CNN that the US is “signing his death warrant” by not securing Kenemore’s release.

Persons: Hostage Affairs Roger Carstens, Carstens, ”, “, Eyvin Hernandez, Jerrel Kenemore, Luke Denman, Airan Berry, Nicolas Maduro, Jeana, Tillery, Gustavo Cárdenas –, Jorge Alberto Fernandez, – Jose Pereira, Jorge Toledo, Tomeu, Alirio Zambrano, Jose Luis Zambrano, Matthew Heath, Osman Khan –, Biden Organizations: CNN, Hostage Affairs, State Department, United Locations: Venezuela, Caracas, United States, Venezuelan

☆ House Passes Resolution Calling on Russia to Free U.S. Prisoners
▼ + stars: | 2023-06-13 | by ( Karoun Demirjian | ) www.nytimes.com time to read: +3 min

Why It MattersThe House has weighed in to condemn Mr. Whelan’s detention in the past, but Tuesday’s resolution was the first time that either chamber of Congress had officially called for Mr. Gershkovich’s release. Mr. Gershkovich’s arrest came just a few months after a high-profile prisoner swap in which Brittney Griner, an American W.N.B.A. American officials tried and failed to secure the release of Mr. Whelan in the deal. Mr. Whelan, who holds American, Canadian, Irish and British passports, has insisted he was visiting Russia as a tourist, and was set up. It is not clear which Russian prisoners the Kremlin would seek in exchange for either Mr. Gershkovich or Mr. Whelan, or both.

Persons: Biden, Gershkovich’s, “, Marc Fogel, Vladimir Kara, Murza, Mr, Antony J, Blinken, Roger D, Carstens, Biden’s, Gershkovich, Soviet, Brittney, Viktor Bout, Whelan, Griner’s, ”, — Organizations: American, Kremlin Locations: U.S, Russia, Russian, American, Yekaterinburg, Moscow, United States

CNN —After spending more than 300 days in Russian custody last year, Brittney Griner made an emotional return to her WNBA home court in the Phoenix Mercury’s 75-69 defeat by the Chicago Sky. The crowd went crazy in applause as she ran onto the court while giving her teammates high fives. “There might have been a little dust in my eye, a little dusty,” Griner told reporters after the game. Carstens joined Griner at the podium after the game, alongside Representative Shelia Jackson Lee, and said it was “emotional” for them both seeing Griner on the court. BG’s family in the crowd and BG back on the court, doing what BG does best which is playing basketball.

☆ Inflation fight risks central banks' credibility and autonomy, BIS warns
▼ + stars: | 2023-05-19 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

LONDON, May 19 (Reuters) - The credibility and independence of central banks around the world is at risk if stubbornly-high global inflation rates are not bought under control, the head of the Bank for International Settlements has warned. Speaking in Brazil, Agustín Carstens, the bank's general manager, said a tough response to inflation was fundamental for maintaining trust in central banks' ability to keep economies on an even keel. "Otherwise, the credibility of monetary policy, and the autonomous central banks responsible for implementing it, will be called into question." Turning back to the inflation battle, he said the process could run into obstacles, particularly as policymakers try to get it back to their preferred sweet spot, which is around 2% for the Fed and other major central banks. "Over the coming years, monetary policy should focus squarely on bringing inflation back to levels consistent with central bank objectives".

When a hostile foreign nation or group releases an imprisoned U.S. citizen, the first American to welcome them home is typically Washington’s hostage deal maker in chief, Roger D. Carstens . The special presidential envoy for hostage affairs was on a tarmac Dec. 8 in the United Arab Emirates to meet Brittney Griner when she arrived on a Russian plane after almost 10 months in captivity. Mr. Carstens told the freed basketball star that he was there to escort her home on behalf of President Biden and Secretary of State Antony Blinken , according to a senior Biden administration official.

☆ Crypto lost the battle to be an alternative to fiat money after FTX collapse, top economist says
▼ + stars: | 2023-02-22 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Agustin Carstens, the head of the Bank for International Settlements, said crypto is not a replacement for fiat currencies. "Only the legal, historical infrastructure behind central banks can give great credibility [to money]," the economist told Bloomberg. Crypto regulation, Carstens said, will likely strengthen after FTX's catastrophic downfall. Regulation, Carstens added, will likely strengthen because of the fallout. "Only the legal, historical infrastructure behind central banks can give great credibility [to money]," per Carstens, adding that crypto can really only exist "under certain conditions."

☆ Re-think needed to regulate Big Tech in finance, says BIS' Carstens
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: 1 min

LONDON, Feb 8 (Reuters) - A "re-think" is needed on how to directly regulate activities of Big Tech companies in financial services given their size and influence, Bank for International Settlements General Manager Agustin Carstens said in Wednesday. "Without a doubt, a regulatory re-think is warranted, and we need a new path to follow. One that considers the key role of data in big techs’ DNA-based business model. One that strikes the right balance between benefits and risks," Carstens said in a speech. Reporting by Huw Jones; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

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