Gov'ts Will Have Back-Seat Role In Crypto Adoption, Atty Says

Law360 (January 31, 2020, 10:20 PM EST) -- Bureaucratic challenges are likely to hamstring governments that are exploring the possibility of rolling out their own digital currencies, giving private-sector projects like Facebook-led Libra a better shot at succeeding first, Bradley Arant Boult Cummings LLP counsel Carol Van Cleef said at an event Friday.

Speaking at a Government Blockchain Association event, Van Cleef, who is also CEO of blockchain and growth advisory company Luminous Group LLC, suggested that governments seeking to launch their own digital currencies will face strong headwinds as they will need to overhaul existing infrastructure and face other challenges.

Initiatives like Libra, which experienced a raucous 2019...

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