Crypto lost the battle to be an alternative to fiat money after FTX collapse, top economist says

• 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.

Fiat money has beaten out an often-cited use case for certain cryptos — an alternative to traditional currencies, according to Agustin Carstens, the head of the Bank for International Settlements.

"I think that battle has been won," he told Bloomberg TV on Wednesday. "A technology doesn't make for trusted money."