{"id":39516,"date":"2021-03-24T17:37:51","date_gmt":"2021-03-24T15:37:51","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=39516"},"modified":"2025-08-30T09:57:03","modified_gmt":"2025-08-30T06:57:03","slug":"microsoft-chief-opposes-private-digital-currencies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/microsoft-chief-opposes-private-digital-currencies\/","title":{"rendered":"Microsoft chief opposes private digital currencies"},"content":{"rendered":"<p>Tech companies should not issue currencies, leaving this mission to the state. This was stated by Microsoft president Brad Smith, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-24\/microsoft-president-smith-is-no-fan-of-private-digital-currency?cmpid=socialflow-twitter-business&#038;utm_content=business&#038;utm_campaign=socialflow-organic&#038;utm_source=twitter&#038;utm_medium=social&#038;sref=AACmJ2tc\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a>.<!--more--><\/p>\n<p>During an online conference organized by the Bank for International Settlements (BIS), he said:<\/p>\n<blockquote>\n<p>\u201cMonetary issuance should almost unambiguously be controlled by an entity that bears responsibility to society and truly thinks only about public interests, which means the government.\u201d<\/p>\n<\/blockquote>\n<p>In 2019, Facebook launched a project to issue a global digital currency pegged to fiat money, Libra, which <a href=\"https:\/\/u1f987.com\/en\/news\/g7-to-block-libra-launch-until-properly-regulated\">alarm regulators<\/a>.<\/p>\n<p>In December 2020, the Libra Association <a href=\"https:\/\/u1f987.com\/en\/news\/libra-association-renamed-to-diem-association\">changed its name<\/a> to Diem Association, thereby renaming the future stablecoin. Facebook confirmed plans <a href=\"https:\/\/u1f987.com\/en\/news\/facebook-confirms-plans-to-launch-diem-formerly-libra-in-2021\">to launch Diem in 2021<\/a>.<\/p>\n<p>However, Smith argues that money should be issued by those who have done this for centuries. The company he leads has no plans regarding digital currencies, he added:<\/p>\n<blockquote>\n<p>\u201cWe are not a bank, and we do not want to become one or to compete with our clients\u2014financial institutions.\u201d<\/p>\n<\/blockquote>\n<p>As BIS data show, most central banks <a href=\"https:\/\/u1f987.com\/en\/news\/bis-two-thirds-of-surveyed-central-banks-study-stablecoins\">are exploring various uses<\/a> of national digital currencies (CBDCs).<\/p>\n<p>China is already conducting <a href=\"https:\/\/u1f987.com\/en\/news\/china-to-test-offline-wallet-for-the-digital-yuan\">mass testing of the digital yuan<\/a>, and the Bahamas <a href=\"https:\/\/u1f987.com\/en\/news\/bahamas-rolls-out-sovereign-digital-currency\">has launched the Sand Dollar<\/a>.<\/p>\n<p>The head of the European Central Bank, Christine Lagarde, said the regulator <a href=\"https:\/\/u1f987.com\/en\/news\/ecb-chief-launch-of-digital-euro-possible-within-the-next-four-years\">will not rush the launch<\/a> of its own CBDC. If a decision is made, it could take two to four years.<\/p>\n<p>Federal Reserve Chair Jerome Powell said regulating stablecoins is <a href=\"https:\/\/u1f987.com\/en\/news\/jerome-powell-says-regulating-stablecoins-is-a-fed-priority\">more important than issuing a digital dollar<\/a> in the United States. In his words, U.S. officials are not eager to be the first to issue a CBDC, because they have already been trailblazers by creating the global reserve currency.<\/p>\n<p>Subscribe to Forklog&#8217;s channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tech companies should not issue currencies, leaving that mission to the state. This was stated by Microsoft president Brad Smith, according to Bloomberg.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,15,1138],"class_list":["post-39516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-microsoft","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39516","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=39516"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39516\/revisions"}],"predecessor-version":[{"id":39517,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39516\/revisions\/39517"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=39516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=39516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=39516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}