Tuesday , September 22 2020
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Crypto fiat coin confusion

A thing that can often be heard said these days is that central banks should tap blockchain technology to launch their own crypto coins.But there are many reasons why such talk is misleading and distracts from the key issues at hand.In its simplest interpretation, talk of crypto fiat issuance is almost certainly a euphemism for something else: the expansion of a central bank’s digital balance sheet to every single person. Yes, really.If, however, central banks really wanted to provide digital access to their balance sheets to every single person they could have done so years ago using existing technologies. Blockchain, whatever flavour it comes in, is entirely unnecessary for accomplishing this objective.In general, as centralised issuers of cash liabilities, there is little need for

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Izabella Kaminska
Izabella Kaminska joined FT Alphaville in October 2008, which was, perhaps, the best time in the world to become a financial blogger. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP’s internal magazine. She has also worked as a reporter on English language business papers in Poland and Azerbaijan and was a Reuters graduate trainee in 2004.

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