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Central Banks Should Let Corporations ‘Battle Test’ Cryptocurrency Issuance, said PwC Partner

By Emily Rys | March 24, 2019
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Central Banks Should Let Corporations ‘Battle Test’ Cryptocurrency Issuance, said PwC Partner

On March 22, PwC France partner Pauline Adam Kalfon suggested that central banks before officially issuing digital currencies, they should hand over the testing part to corporations such as Facebook and JPMorgan.

“This would reduce the likelihood of potentially negative consequences on the economy arising from any central bank issuing a digital currency,” she commented. “Only then central banks could move on once the digital currencies have been “battle-tested by corporations.”

According to Kalfon, France’s central bank may not be the best place for the project pilot, since it will be under the management of European Central Bank (ECB). “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.” Kalfon added.

In February, JPMorgan publicized its crypto pilot plans to increase the settlement efficiency.  

According to Jamie Dimon, JPMorgan CEO, their ‘JPM Coin’ will be released soon.

Reported by The Crypto Sight on March 3, Facebook has been launching its highly secretive cryptocurrency project, aiming at developing its own cryptocurrency. The social media giant, also, has been working on crypto payments through its platform, including, Messenger, WhatsApp and Instagram.

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