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Central bank cryptos will follow after being battle tested by corporations, says PwC’s Pauline Kalfon

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Central Bank cryptocurrencies will see the light of day after being “battle-tested by corporations”: PwC
Source: Pixabay

Central Banks are unlikely to ring in their own native cryptocurrency and large companies like Facebook and JP Morgan will dominate the cryptospace, stated PwC’s Pauline Adam Kalfon, reported Forbes.

Sovereign cryptos have often been touted as a looming prospect by countries. Kalfon, a blockchain and financial services partner at PwC France, said that this would be difficult to deploy due to complexities at the national level. Citing the example of a French cryptocurrency, Kalfon stated that because of its ties with the European Central Bank [ECB], the Banque de France, could face contrary views.

Kalfon stated,

“It is clear that a European-level project would be very complex and challenging governance-wise, requiring alignment and the political consensus of all relevant stakeholders from each Member State.”

Given its complex nature, Kalfon suggested an alternative. Countries should cede cryptocurrency implementation to large corporations already in the digital currency space, like Facebook and JP Morgan.

“This would reduce the likelihood of potentially negative consequences on the economy arising from any central bank issuing a digital currency.”

However, she did not dismiss cryptocurrency being issued by central banks, claiming that they will follow after it has been “battle tested by corporations.” This trial-and-error system will prevent any manipulation and volatility concerns that would plague an entire economy if introduced by a central bank.

French MPs are advocating a blockchain-centric development message, with several of them urging the government to spend €500 million on the same. In light of this, Kalfon added that support infrastructure was key for this blockchain project to prosper.

“Without a significant investment, there will be no way to accelerate the scaling of the best French blockchain startups, she added.”

Kalfon’s pro-cryptocurrency adoption statements came at a time when the attitude of several top French officials was turning in favour of virtual currencies and the technology that back it.

Robert Ophèle, the chair of the country’s financial watchdog Autorité des Marchés Financiers (AMF), had previously said that the regulatory framework should be more adaptive to the technology. This sentiment was also voiced by Bruno Le Maire, the French Minister of the Economy and Finance.



In February, JP Morgan announced its dollar-backed internal cryptocurrency, the JPM Coin. This coin would be used for their clients to ease administrative payments and cross-border settlements.

Facebook also announced the imminent introduction of Facebook Coin, touted to be platformed on Whatsapp and backed by a basket of fiat currencies.





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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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