In an interview with Business Insider on June 23, Swiss National Bank board director Thomas Moser expressed his observation that enthusiasm for creating national cryptocurrencies is already beginning to wane in different countries around the world.
“In the beginning, there was a lot of interest and enthusiasm about issuing their own national cryptocurrency,” Moser admitted. But recently, “that enthusiasm has slowed again because of the implications it would have for financial stability.”
Skepticism and Reservation
“You basically compete with bank accounts when you issue digital central bank money. You have to think through how you would do monetary policy, how the transmission channel is changing, it’s just very complicated.”
For the veteran banker, the predominating mood among bankers is that of skepticism and reservation. Truth be told, some are experimenting with the idea, but everyone else just wouldn’t want to dare push through with the creation of national cryptos, as they are waiting for someone to go first before they do.
On the other hand, there are notable banks that are experimenting with blockchain technology for their bank processes, and possibly with cryptocurrencies. Examples of these are the Bank of England and the Bank of Canada, which have already begun to renew their banking structures to cut unnecessary costs and make their processes blockchain-friendly.
Japan is taking it one step further since there are talks that it is pursuing to create its very own “J-coin.” Sweden is also doing the same thing.
However, Moser clarified that the Swiss National Bank, as a whole, is not against the idea of having national cryptocurrencies. “We are not worried; we don’t mind,” clarified Moser.
(Image Source: srf.ch)