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Former Fed Chair Alan Greenspan says there's 'no point' for central banks to pivot t

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The comments came during an annual economic outlook conference hosted by Chinese finance magazine Caijing. The People's Bank of China has been moving forward with plans to issue its own digital coin, though it is unknown when the currency would be released.
The central bank would be the world's first to make such a move, but Greenspan downplayed the hype around the development, saying "there's no point for them to do it."



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China's central bank isn't the only major entity moving into the digital currency space. Facebook was positioning itself to be a first mover in digital coins, but increased regulatory scrutiny and departures from key partners like Visa and PayPal have plagued the endeavor.
Greenspan poured cold water on Facebook's project as well, noting that national currencies boast unique support in foreign nations. 
"The fundamental sovereign credit of the United States is far in excess of anything Facebook can imagine," the former Fed official said.
Greenspan's outlook is at odds with some current Fed officials. Philadelphia Federal Reserve chief Patrick Harker called digital currencies "inevitable" on October 2, adding that the US should wait for other nations to adopt such a technology.
"Frankly I don't think we should be the first mover as a nation to do this," Harker said. "I think it's better for us to start getting our hands around it."
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