Microsoft President claims Fintech Firms Must Leave Digital Currencies to Authorities
“We are not a bank and we do not need to turn into a financial institution and we do not wish to contend with our clients that are banks,” said Brad Smith.
Talking at a financial institution for International Settlements convention on Wednesday,” Smith said he isn’t a major fan of inviting Microsoft to take part in the issuance of an electronic money, ” the report stated.
“The money supply nearly uniquely has to be handled by an entity that’s in charge of people and believes really just about the public attention, which means authorities,” explained Smith.
One private company hoping to issue its digital money is social network giant Facebook, which is trying to establish the stablecoin diem (initially referred to as libra).
The potential caused policymakers and authorities from all over the world to state their worries over possible privacy and money-laundering dangers, in addition to the potential lack of control over the financial system.
“I feel that the world has been served with what’s been a move over centuries to place that [digital money ] at the hands of authorities. We are not a bank and we do not need to turn into a financial institution and we do not wish to compete with all our clients that are banks,” explained Smith.