Former chairman of the Icelandic central bank's supervisory board, Jón Helgi Egilsson, has suggested that central banks should not issue their own digital currencies, known as CBDCs, and instead leave it up to private companies to compete in the market.
Speaking at Brussels Blockchain Week, Egilsson argued that this approach would encourage more investment and allow technical innovation to flourish. He also pointed to a U.S. draft bill that proposes allowing non-bank issuers of stablecoins access to central bank money as a positive example of embracing competition.
While many countries have already begun trialling digital versions of their currencies, the idea of CBDCs remains controversial due to concerns around privacy and public understanding.
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