Tech giant Microsoft Corp. President Brad Smith criticized technology that is financial attempting to issue currencies saying governments are most readily useful suited to relax and play this part, according to a Bloomberg report.
Talking at a Bank for International Settlements meeting on Wednesday, Smith said he is not a big fan of encouraging Microsoft to be involved in the issuance of a currency that is electronic the report stated.
“The cash supply almost uniquely needs to be managed by the entity that is accountable to the public and thinks actually only about the interest that is public and this means governments,” said Smith.
One example of a company trying to issue a unique money that is electronic the social media giant Facebook Inc. which is trying to launch the stablecoin Diem (originally called Libra).
The prospect of these a coin has seen policymakers and regulators from throughout the globe express concerns over potential privacy and money-laundering dangers posed by Facebook’s stablecoin plus the feasible loss of control of the system that is financial.
“I think the world was better served in what has become a motion over centuries to put that in the hands of governments. We’re not just a bank so we don’t desire to turn into a bank and we don’t desire to compete with our customers that are banking institutions,” said Smith.