When crypto got to its peak in December 2017, central banks considered issuing their own digital currencies. But recently, their interests is gradually fading away due to its instability in prices of digital currencies which may lead to finanical breakdown if not checked properly.
Thomas Moser, an alternate member of the Swiss national banks governing body brought up this experiment which actually described crypto as a “waiting game” in which everyone is waiting for someone to make the first move before others follow. The reason why it seems like everyone is waiting for somebody to take the first move is because of the disadvantages attached to issuing digital currencies outweighs it’s advantages. But right now, it seems no central bank is ready to take the risk of moving first, Moser stated.
While speaking to an insider at the crypto valley conference that took place in Swiss crypto town of Zug, Moser said:
THE WHOLE TECHNICAL ISSUE, WHICH EXCITED EVERYONE, REALLY TAKES SECOND PLACE TO THIS CONCEPTUAL POLICY ISSUE. THE MOOD NOW IS: EVERYONE IS MONITORING IT, SOME ARE EXPERIMENTING WITH IT, HEAVILY, BUT I THINK EVERYONE IS WAITING FOR SOMEONE ELSE TO DO IT FIRST SO WE CAN.
After all Said and done, Moser still believes that in the long term, the long awaited dream of central banks would be a reality. In other words, there must be a bank that will take the first move needed and others would follow suit, just that, the actual one to take the risk first is yet-to-be known for now. The Swiss national bank, however is still carrying out more research work on the subject matter but has no plans to take that first move now, so it can be said that they are on the neutral part of the whole scenario.