Norway's Central Bank Considers State Cryptocurrency... It's Good & Bad At The Same Time!
steembusiness (68) in cryptocurrency • yesterday
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The Norwegian central bank, Norges Bank, now as well considers to create it's own state cryptocurrency as a supplement to cash in order to “ensure confidence in money and the monetary system”.
“A decline in cash usage has prompted us to think about whether at some future date a number of new attributes that are important for ensuring an efficient and robust payment system and confidence in the monetary system will be needed.”
Anyways the bank clearly notes that it will only take this step if any financial institution including itself will still be able to provide credit. After I read that sentence it was pretty obvious that they don't want to loose their ability to create new money whenever they feel like.
That being said everyone should be aware of the fact that a state backed or central bank cryptocurrency would not change anything but the way we actually pay. Decentralized cryptocurrency are the only answer on how we can escape the current broken system and replace it with a new one that won't provide endless resources for war and the few people in the top...
So it's important that we don't get blinded by the officials once again while at the same time we shouldn't miss this chance either as it could mean mass adoption for cryptocurrency. If that's the case it'll be easy as pie to make people move to decentralized tokens rather than centralized and continuously printed ones.
Interesting times lie ahead of us!