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Microsoft President Dismisses Idea of Private Cryptos: Bloomberg

Wed, 24/03/2021 - 14:29
Microsoft President Dismisses Idea of Private Cryptos: Bloomberg
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Bloomberg's Catherine Bosley reports that Microsoft president Brad Smith is not fascinated by the concept of privately issued digital tokens. The statement was made at an online conference hosted by the Bank for International Settlements.

No, Microsoft has no plans to issue crypto

Today, March 24, 2021, Microsoft Corporation president Brad Smith claimed that government-based systems are the best positioned to issue currencies. With corporate-led emissions, issues of credibility are still too sensitive.

Microsoft president dismisses private cryptos
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According to him, a state remains the only institution that can guarantee the supply of currency, be responsible for it and consider the public interest. At the moment, corporations are unable to perform these functions.

For the first time, discussions about the mainstream adoption of corporate-issued cryptocurrencies went mainstream when Facebook Inc. introduced the now-frozen project, Libra.

Microsoft's president outlined that his corporation has no such ambitions in its business progress logic. Microsoft prefers to stay away from the corporation-led crypto journey:

We're not a bank and we don't want to become a bank, and we don't want to compete with our customers who are banks.

CBDCs are coming, slowly but surely

Mr. Smith dropped a bombshell amidst the developing discussion in the U.S. on the prospects of central banks' digital currencies. As covered by U.Today previously, in July 2021, new research into instruments for the creation of the digital USD will be unveiled by the Fed.

Bloomberg analysts admit that Wall Street giants are still not very enthusiastic about U.S. Federal Reserve experiments in CBDCs.

Fed chairman Jerome Powell and the European CB Governing Council agreed that there should be no rush in digital cash implementation preparations.


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