Microsoft big shot, Bill Gates has detached himself from Bitcoin (BTC) investing, disregarding fellow American entrepreneur Elon Musk’s crypto moves – while talking up a digital money or payments foundation to some BTC advocates will sound very familiar.
In an interview with Bloomberg, Gates emphasized that he is “not bullish” on bitcoin stating,
“I think people who may not have as much money to spare get drawn into these manias. So I’m not bullish on bitcoin. My general thought would be [that] if you have less money than Elon, you should probably watch out.”
The remarks come just days after Gates told CNBC much the same thing about BTC – and “digital money.”
He informed the media outlet that he does not own any bitcoin and is not “short bitcoin.” He, however, added that,
“I do think moving money into a more digital form and getting transaction costs down, that’s something the Gates Foundation does in developing countries.”
In the most recent interview, he again stated the foundation and its work with a “digital currency.”
“But those are things where you can see who’s making the transaction. So digital money is a good thing. There’s a different approach that’s a local currency, unattributed and you know deals with all the money laundering and terrorism type regulations and yet gives you the convenience and the low cost of a transaction.”
Some might point out that bitcoin is undoubtedly digital and has been promoted to provide finance solutions to millions of unbanked individuals in the developing world.
Nevertheless, what is that “digital money” Gates is talking about?
The foundation calls these “mechanisms by which individuals and businesses actually buy and sell. These systems can foster competition, drive innovation, and accelerate the development of digital financial products and services customized for the needs of low-income communities.”
The foundation stated that interoperability is a crucial feature of the ecosystem it seeks to introduce in developing countries. Also adding that it must also be secure and safe from money laundering, advantageous when compared to cash, “free of cost for all or most people,” and must involve the participation of the private sector, “which must be able to develop sustainable business models to support their service offerings.”
The foundation continued that it is also proactive in the regulatory field, where it encourages governments to set out “licensing requirements, know-your-customer policies, and agent regulations, which encourage […] innovation and competition.“
As a conclusion, the organization stated that,
“Financial inclusion is not just about opening systems and lowering barriers. While some risks diminish, new risks and challenges emerge. Supervising a wider range of market participants and protecting millions of new consumers is no small task, and this is an important element of our work.”
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