Australia’s central bank governor, Phillip Lowe, supports strict regulations for the crypto industry to reduce risks to the public. He also thinks that private companies should be the ones making all the tech.
Lowe suggested that strong regulations or even state backing could help mitigate the risks to the public.
"If these tokens are going to be used widely by the community, they are going to need to be backed by the state or regulated just as we regulate bank deposits." While the regulations would come from the government side, Lowe noted that the technology would be best if it were developed by the private sector. In his view, private companies are “better than the central bank at innovating” the best features for cryptocurrency.
He added, “there are also likely to be very significant costs for the central bank setting up a digital token system." The National Association of Federally-Insured Credit Unions shared Lowe’s skepticism about implementing a digital token at central banks due to high costs in a letter to the U.S. Commerce Department,However, his view on the costs of digital token systems at central banks is not echoed by the countries currently developing or experimenting with
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