KANALCOIN NEWS – Microsoft through its president, Brad Smith, said that they had no intention of issuing digital currency. Microsoft prefers to support government as issuers and regulators of the world’s currencies.
Microsoft president, Brad Smith, said that his company has no intention of encouraging the private sector to issue digital currency. This was conveyed directly by Smith in an online conference organized by the Bank for International Settlements (BIS), Wednesday (24/3/2021) local time.
During the online conference, Smith was asked about the prospects for technology companies in issuing new digital currencies. Apart from that, Smith was also asked about the possibility of Microsoft joining the world.
However, Smith admitted that Microsoft would never dive into the world of digital currency, like Facebook which was about to launch a cryptocurrency called Diem (formerly Libra).
““This is not a place we have been and I don’t think this is a place we are going to be,” said Smith, quoted by Kanalcoin.com from News.Bitcoin.com..
“We are not part of that (a digital currency issuing technology company),” Smith continued.
According to Smith, the world will run better when the process of issuing and regulating currency, both fiat and digital, is all held by the governments of their respective countries around the world..
“I think the first question the world needs to ask is is the world better off when private companies issue their own currency?” said Smith.
“The world’s best will emerge when a currency is issued, backed, and regulated by government,” Smith continued, adding to his own question.
Smith’s statement indeed highlights the phenomenon of the exploding digital currency trend in the last year. Moreover, the pandemic conditions have added to the spread of digital currency viruses throughout the world.
In fact, Bitcoin, as the most popular digital currency in the world today, was able to break through all-time highs.
In his statement, Smith continued that the issuance of currency, including digital, must be supervised by authorities who truly serve the people. According to Smith, private companies will not have an orientation to serve the community.
““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 publicly accountable and has only the public interest in mind and that means government. I think it needs to be managed by an institution that has the right to regulate,” said Smith.
Smith also added that the government has been doing very well for centuries to manage finances.
“I myself am not a big fan of pushing or asking or wanting us to participate in currency issuance,” said Smith.
“”I think the world has been better served by what has been a centuries-long movement to put it in the hands of governments,” Smith concluded.
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Author: Muhammad Zaki Fajrul Haq
Follow me at @mzfajrulhaq (Instagram) or @ZakiFajrul (Twitter).