One of Bitcoin’s sharpest critics highlighted the risks of central banks issuing their own digital currencies to the general public, saying it could undermine both financial stability and monetary policy-making.

Agustin Carstens, general manager at the Bank for International Settlements

Agustin Carstens, general manager at the Bank for International Settlements, once likened Bitcoin to a “a bubble, a Ponzi scheme and an environmental disaster.” In a speech in Dublin on Friday he cited the example of a financial panic, which in a world with a central bank-issued digital currency (CBDC) might lead people to shift money to accounts at the monetary authority from commercial banks, undermining the system.

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