Governments and central banks do not trust bitcoin because of price fluctuations

Governments and central banks do not trust bitcoin because of price fluctuations

Uncorruptible, transparent, controllable and decentralized.

The digital technology and philosophy behind blockchain promises to solve many problems that affect modern economies. But from whom should these solutions come? From companies or from governments?

New book about digital currency

Forkast is discussing this with David Shrier, author of the book Trusted Data. The book will be released by MIT Press in November this year.

Shrier was inspired by the debate about Facebook’s plans with Libra. He also looks at how governments view their own Central Bank Digital Currency (CBDC). And he discusses a third option.

Watch Angie Lau’s interview with David Shrier below.

Bitcoin enjoys little trust from governments

He does not expect governments and central banks to make it happen that bitcoin will become the world’s reserve currency. He calls bitcoin not really decentralized and governments cannot control it.

The writer says that he has spoken with dozens of people from the central bank, but also with officials from the Ministry of Finance. The general trend? They don’t trust bitcoin. This is due to the wild fluctuations of the exchange rate and they do not want to expose their economy to this.

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It is also discussed:

  • Just like artificial intelligence, big data and other new technologies, Blockchain can change the entire society, just like the industrial revolution did before.
  • The biggest problem with Libra is that there is no government permission. It is not a democratic process, no one involved with Libra was elected or appointed by an elected official. With the potential to reform the financial lives of 2.5 billion people, it is crazy that there is no representation of the people.
  • What the world needs is that citizens need to learn more about money, finances, technology and data.

Do you want to know more about blockchain and bitcoin? Then take a look at our knowledge base.


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