Microsoft CLO said private companies should not launch digital currencies.
According to CoinMarketCap, a cryptocurrency exchange on the 25th (local time), Microsoft Chief Legal Officer (CLO) Brad Smith made a remark that could be interpreted as an accusation against Facebook. It is best to be entrusted with it.’
Microsoft president and CLO Brad Smith criticized the digital currency for private companies to launch, arguing that it should be left to the government and central banks.
Smith makes such a criticism that can be interpreted as a criticism of Facebook, which continues to research the Diem cryptocurrency, and he “does not like” that tech giants like Microsoft are trying to issue money. He emphasized.
He attended an online conference hosted by the International Settlement Bank (BOIS) and said, “The supply of such money needs to be managed by a company that takes responsibility for the public in a unique way and cares only for the public interest, and that is the government. I mean,” he said.
He added, “We have firmly ruled out the possibility that Microsoft will take the lead in this trend.”
“We are not a bank, we do not want to be a bank, and we do not want to compete with bank customers.”
CBDC debate intensifies
Facebook has been fiercely criticized for its plans to issue a DM (stablecoin), formerly known as Libra, with regulators concerned that this could devalue the currency and destabilize the global economy. did.
Although Facebook has completely changed its plans for coin issuance in response to these criticisms, many central banks are still voicing criticism of the plan.
Meanwhile, several countries around the world are currently planning to launch a digital version of the national central bank currency with China at the forefront. However, the European Central Bank’s (ECB) plans for digital euros continue to face stumbling blocks, as Germany has stepped up and expressed concerns that such assets will be “fatal for savers.”
The ECB is trying to alleviate this concern by promising, through media such as local newspapers, that the digital euro will not replace physical paper money.