Greenspan: It is pointless for banks to issue digital currencies

Greenspan: It is pointless for banks to issue digital currencies

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Central banks do not need to issue digital currencies, former Federal Reserve Chairman Alan Greenspan said in a speech at the annual conference of Chinese financial magazine Caijing on Tuesday.

Greenspan stressed that national currencies support all of the country’s financial resources – a government loan no other organization can offer. The United States’ underlying state credit is far beyond what Facebook can imagine, the financier added.

Digital currencies attracted worldwide attention in 2017, when the price of bitcoin rose from several hundred to nearly $ 20,000. Many adherents of blockchain technology supporting bitcoin cite one of the main advantages of using a decentralized system that excludes central government control.

But as far as digital currency issuance by banks is concerned, experts ’opinions are divided. For example, in October, Philadelphia Federal Reserve Chairman Patrick Harker called “inevitable” the issuance of digital currencies by central banks, including the Fed.

In an interview with Reuters, the financier noted that his opinion has so far been supported by a minority in the Fed, but his staff is studying the matter.

Greenspan: It is pointless for banks to issue digital currencies

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