More

    Former Fed Chairman Greenspan: There’s ‘No Point' For Central Banks to Issue Digital Currencies

    Alan Greenspan, former Fed said that there is no need for central banks to issue digital currency. National currencies printed by central banks are backed up by sovereign credit. Libra will not release until all concerns of the regulators regarding stablecoin are answered.

    • There’s “no point for them to do it,” said Alan Greenspan
    • National currencies, the former Fed chairman said are backed by sovereign credit that no one else can offer
    • This sovereign credit is “far in excess of anything Facebook can imagine,” Greenspan said

    Alan Greenspan, former US Federal Reserve Chairman at Chinese finance magazine Caijing’s annual economic outlook conference said that there is no need for central banks to issue digital currency.

    “There’s no point for them to do it,” Greenspan said on Tuesday.

    While Greenspan doesn't see any point in launching a digital currency, the People’s Bank of China is pushing ahead for its own central bank-backed digital currency.

    In early October, Philadelphia Federal Reserve President Patrick Harker said it is “inevitable” that the central banks will issue a digital currency. Though he is “in the minority” at the Fed, Harker said his staff is researching the issue.

    Greenspan further pointed out that the national currencies printed by central banks are backed up by sovereign credit, that no other organization can offer.

    “The fundamental sovereign credit of the United States is far in excess of anything Facebook can imagine,” he said.

    The social media giant announced its digital currency project Libra earlier this year with key partnerships with major global payment processing companies. However, last month PayPal, Mastercard, Via, eBay, and Stripe dropped out the Libra Association amidst increasing scrutiny from the US lawmakers.

    Though expected to be launched next year, senior officials of Facebook had said that they won't release with its stablecoin until all the concerns and questions of the regulators are answered.

    “This is not going to be a thing that spreads like a social network; this is going to be the work not of years, but of decades,” said Kevin Weil, VP of product at Calibra at Facebook.

    Recently, Rohit Chopra, commissioner at the United States Federal Trade Commission argued for the need to launch the real-time payments system “FedNow Service” urgently.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Joseph Kibe
    Joseph Kibe
    Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,288FansLike
    2,765FollowersFollow
    4,134FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    IOTA Urges Users To Use New Seed Migration Tool After Trinity Wallet Hack

    Following IOTA’s recent hack on its Trinity Wallet, the development team is urging the users to protect their wallets by changing their passwords and...

    Gold Hits 7-Year High As Investors Jump into Safe Haven Assets But Bitcoin Not Following

    Coronavirus outbreak has the investors fearing a slowdown in global growth and piling into safe-haven assets like gold US dollar also rising while...

    Russia’s Central Bank And FSB Agree to Ban Cryptocurrency Payment Options

    A Russian local news source, recently reported that the country’s Central Bank and Federal Security Service (FSB) finally came to an agreement that cryptocurrencies...

    Binance CEO: We Aren’t “Operating” in Malta After MFSA Says Exchange Is “Not Authorized”

    Malta Financial Services Authority (MFSA) releases a statement stating “Binance is not authorized by the MFSA to operate” in the country Binance CEO...

    Virtual Game World Decentraland Launches On Ethereum, $100k In Hidden Prizes

    A virtual game that is developed on the Ethereum network has finally been launched to the public, the Block reports. The new game allows users...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.