Central Banks, Cryptocurrency, currency issuance, Digital Currencies, Digital Currency, issuing currencies, microsoft president, money supply, private sector

Microsoft President Brad Smith says that “The world is best served when currencies are issued, backed by and regulated by governments.†He further emphasized that he is not a fan of encouraging the private sector to issue digital currencies.

Microsoft’s President Says Currency Issuance Should Be Left to Governments

Brad Smith, President of Microsoft Corp., talked about digital currencies on Wednesday at an online conference hosted by the Bank for International Settlements (BIS).

He was asked, “can tech firms be trusted to issue money?†and whether it is something Microsoft would do. The executive replied, “It is not a place where we have gone and I don’t think it’s a place we will go.†He pointed out that when the social media giant Facebook proposed the cryptocurrency Libra, which is now called Diem, “We were not part of that.â€

Smith continued: “I think that the first question that the world needs to ask is is the world served best when private companies issue their own currency.†He said that in his opinion:

The coronavirus pandemic has accelerated the shift to digital payments and massive stimulus packages have fueled interest in cryptocurrencies, such as bitcoin. In addition, the Facebook-backed cryptocurrency and its payment network are expected to launch soon.

The trend towards non-government-backed digital currencies has raised concerns among policymakers worldwide, particularly in the areas of privacy, money laundering, and loss of control over the monetary system.

The president of Microsoft further opined: “When you issue currency, you create a money supply. The money supply, I think, almost uniquely needs to be managed by an entity that is responsible to the public and thinks really only about the public interest and that it means governments … I think it needs to be managed by an institution that has the right kind of regulatory authority.â€

In conclusion, Smith emphasized:

“I think the world has been better served by what has been a movement over centuries to put that in the hands of governments,†he reiterated.

Do you agree with the Microsoft president? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

RELATED NEWS

Nigerian Blockchain Educator Says Uncertain Regulations and Scams Slow Adoption of Cryptocurrencies

With a population of over 200 million, Nigeria is widely regarded as one the biggest crypto markets in the world. Some in the crypto world believe Nigeria is one of the few countries better placed to see a greater acceptance of digital currencies. However, despite this optimism, the Nigerian crypto industry continues to be plagued […]

Xem chi tiết: Nigerian Blockchain Educator Says Uncertain Regulations and Scams Slow Adoption of Cryptocurrencies

Latest Episode of The Simpsons Prices Bitcoin at ‘Infinite’ as the Crypto Consolidates Above the $60K Threshold

Bulls are taking the reins of the price action in the bitcoin across the board, making a solid breakout above the $60,000 threshold, reaching new all-time highs, and it seems The Simpsons “did it again.†In a new episode broadcasted on Sunday, BTC is highlighted in a ticker news feed with the infinite sign. Gamestop […]

Xem chi tiết: Latest Episode of The Simpsons Prices Bitcoin at ‘Infinite’ as the Crypto Consolidates Above the $60K Threshold

Spanish Tax Authority Issues 14,800 Warning Letters to Cryptocurrency Holders

Spanish authorities are enforcing their tough stance on the cryptocurrency industry, and the national tax agency seems to be taking it very seriously. Now, the Hacienda issued 14,800 warning letters to Spaniards under their watch for allegedly having failed or need to declare crypto holdings. Fines Could Be ‘Over $5,900’ if a Crypto Holder Fails […]

Xem chi tiết: Spanish Tax Authority Issues 14,800 Warning Letters to Cryptocurrency Holders

Central Bank of Nigeria Blocks Fintech Startups From Accessing KYC Service— Decision Described as an ‘Attack on All Fintechs’

The Central Bank of Nigeria (CBN) has recently suspended the provision of the bank validation number (BVN) service to all fintech and third-party partners. The decision means non-banks entities include crypto startups “have lost one of the most comprehensive means of identity verification in the country.†New Identification System Before the latest decision, the CBN […]

Xem chi tiết: Central Bank of Nigeria Blocks Fintech Startups From Accessing KYC Service— Decision Described as an ‘Attack on All Fintechs’

Encrypted Messenger Company Signal Faces Scrutiny Over Mobilecoin Integration

Signal, the cross-platform encrypted messaging service is facing criticism this week, after the company Signal Messenger told the public it was integrating the cryptocurrency mobilecoin. Moreover, controversy surrounds the company’s founder and CEO Matthew Rosenfeld, known as ‘Moxie Marlinspike’ over his previous ties with the Mobilecoin project. The Relationship Between Mobilecoin and Signal During the […]

Xem chi tiết: Encrypted Messenger Company Signal Faces Scrutiny Over Mobilecoin Integration

Chinese Tech Firm Meitu Buys 175 Bitcoin, Treasury Now Holds $100 Million Worth in BTC and ETH

The China-based smartphone and internet app maker Meitu has announced the acquisition of $10 million worth of bitcoin for its treasury after the firm purchased digital assets two times prior last month. The company’s cryptocurrency holdings now stack up to $100 million worth of ethereum and bitcoin. Meitu Stacks Another 175 Bitcoin, $100 Million in […]

Xem chi tiết: Chinese Tech Firm Meitu Buys 175 Bitcoin, Treasury Now Holds $100 Million Worth in BTC and ETH

An ECB Board Member Attacks Bitcoin, Says It ‘Does Not Fulfill the Basic Properties of Money’

Isabel Schnabel, a board member with the European Central Bank (ECB), has attacked bitcoin claiming the crypto asset “does not fulfill the basic properties of money.†She also describes bitcoin as a “speculative asset without any recognizable fundamental value and is subject to massive price swings.†Schnabel also surmises that trust in “cryptocurrencies might rapidly […]

Xem chi tiết: An ECB Board Member Attacks Bitcoin, Says It ‘Does Not Fulfill the Basic Properties of Money’

Wildly Popular Live Casino Games from Evolution Now Available on Bitcoin.com’s Gaming Portal

Bitcoin Games adds live casino games and shows from the most sought-after gaming software provider. Play Live Casino Games with Real Dealers Bitcoin Games is a one-stop gaming portal for players to enjoy a variety of casino games playable with cryptocurrency. There is something for everyone – from slot lovers to jackpot chasers, the online […]

Xem chi tiết: Wildly Popular Live Casino Games from Evolution Now Available on Bitcoin.com’s Gaming Portal

Piper Sandler Survey Shows 9% of American Teens Have Traded Cryptocurrency

Chinese Tech Firm Meitu Buys 175 Bitcoin, Treasury Now Holds $100 Million Worth in BTC and ETH

Paypal Cofounder Peter Thiel Thinks China Is Using Bitcoin as Financial Weapon Against the US

Wildly Popular Live Casino Games from Evolution Now Available on Bitcoin.com’s Gaming Portal

US Regulator Accuses Lbry Project of Selling Unregistered Securities, CEO Denies Charges

Blockchain and Crypto Startups Raise $2.6 Billion in Q1 of 2021— Figure Surpasses 2020 Total by $300 Million

Starbucks Customers Can Now Pay With Bitcoin via Bakkt’s Digital Wallet App

Employment Search Websites Show a Vast Amount of Jobs in the Bitcoin and Blockchain Industry

Other Articles