Microsoft president Smith is no fan of private digital currency

The pandemic has accelerated the shift to digital payments, while the massive injection of money into the financial system to shield the economy has fuelled interest in cryptocurrencies such as Bitcoin. — Reuters

Microsoft Corp president Brad Smith cast doubt on whether financial technology companies should issue currencies, saying governments are still best-placed to play that role.

“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,” Smith said on Wednesday at an online conference hosted by the Bank for International Settlements. “I’m not a big fan myself of encouraging or asking or wanting us to participate in the issuing of currency.”