Jean-Pierre LANDAU pens an OpEd in the Financial Times on cryptocurrencies

Former Deputy Governor of the Banque de France, Senior Research Fellow at the Harvard Kennedy School and the Department's Affiliated Professor Jean-Pierre LANDAU has signed an important OpEd in the Financial Times this past week in which he advocates that central banks should issue digital currencies of their own.

In January 2018, Jean-Pierre LANDAU was entrusted by the French Ministry of Economy and Finance to lead a special mission on crypto-currencies. The mission’s primary task was to “propose orientations for the evolution of current regulation” in view of "better controlling the development (of cryptocurrencies) and preventing use of them for the purposes of tax avoidance, money-laundering or the financing of criminal or terrorist activities”.

In his OpEd, Jean-Pierre LANDAU underscores how digitalization is changing money: "Mobile-phone based electronic payments are becoming just like cash: contactless, cheap and easy to make on a peer to peer basis, including across borders. Life without a bank account becomes possible...This raises three new issues for governments and central banks and although sovereign governments have the power to protect their currencies, Landau recommends that they do more by issuing Central Bank Digital Currencies (CBDC) in order to "protect financial stability, monetary policy and access to public money".

To find out more on why and how, read the Financial Times article (link, PDF), published July 1st, 2019. 
More about Jean-Pierre LANDAU and his research