Microsoft president Brad Smith criticized the financial technology companies that are trying to issue currencies and said that they should be left to the government as they are the best suited to plate the role so let’s find out more in our crypto news below.
Speaking at the Bank of International Settlements conference, the Microsoft president said that he is not a big fan of encouraging the company to participate in issuing a digital currency:
“The money supply 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 means governments.”
One example of a company that is trying to launch its own digital currency is Facebook which is seeking to launch Diem or formerly known as Libra. The prospects of this coin have seen policymakers and regulators from across the globe express even more concerns over money-laundering risks and privacy by the Facebook stablecoin while a chance of loss of control over the monetary system still exists. Smith said:
“I think the world has been better served by what has been a movement over centuries to put that in the hands of governments. 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.”
As we recently reported, While many CFOs think about the idea of putting BTC in their company’s balance sheets after Tesla’s purchase, Microsoft doesn’t intend on doing so as president Brad Smith refuted assumptions that the company is joining the growing trend soon. All eyes are on BTC today after Tesla filed documents with the US Securities and Exchange Commission where it shows there is $1.5 billion in the main cryptocurrency allocated. This was not the first major company entering the BTC space as it drew major attention lately mainly because of its CEO Elon Musk.
The tech giant has already a compelling history with the benchmark cryptocurrency but he doesn’t plan on adding it to the balance sheet yet but it did actually enable the users to use it as a payment method for some of its products back in 2014. Microsoft was one of the biggest companies to do so which opened the doors for others like Overstock and Newegg but the company wasn’t done with BTC involvement just yet.
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