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."