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Central Banks, Governments Are ‘Way Behind the Curve’ in Regulating Cryptocurrencies – Regulation Bitcoin News

Harvard Professor Rogoff: Central Banks, Governments Are 'Way Behind the Curve' in Regulating Cryptocurrencies

Harvard Professor of Economics and former chief economist on the International Monetary Fund (IMF) Kenneth Rogoff says central banks and governments are “way behind the curve” in regulating cryptocurrencies. He added that officers throw out the thought of getting central financial institution digital currencies (CBDCs) “to distract the conversation.”

Harvard’s Professor on Cryptocurrency Regulation

American economist Kenneth Rogoff mentioned cryptocurrency regulation and central financial institution digital currencies (CBDCs) in an interview with Bloomberg Monday. Rogoff is the Thomas D. Cabot Professor of Public Policy and a professor of economics at Harvard University. He additionally served as chief economist on the International Monetary Fund (IMF) from 2001–2003.

The Harvard professor described:

I feel central banks are method behind the curve, and governments normally, in regulating cryptocurrencies. They throw out the thought of getting CBDCs to distract the dialog.

Commenting on the U.S. issuing a digital greenback, he opined: “At the moment, if you think about the United States issuing a CBDC, you have to ask why they’re doing it. Because we can accomplish a lot of things the same way in the current system by making tweaks.”

The financial professor defined that if the Federal Reserve “did it too well,” and there’s a “retail central bank digital currency,” then “There’d be massive disintermediation that we’re probably not ready to handle,” he warned.

Professor Rogoff continued: “I think there are small central banks that want to issue a CBDC hoping they’ll get some of the kind of business that crypto gets.”

When requested why central banks and governments are delaying regulating cryptocurrencies, Rogoff replied: “I think it feels like the 1990s and early 2000s to me when the financial system was inventing all these clever new financial engineering devices and saying … ‘catch me if you can,’ ‘regulate me if you can.’”

He concluded:

I hear very a lot the identical issues from the younger cryptocurrency pioneers and there are a whole lot of concepts. But they’re incorrect that they’ll’t be regulated.

Rogoff has lengthy been a bitcoin skeptic. He beforehand cautioned that governments and central banks won’t ever enable BTC to go mainstream. In 2018, he stated the cryptocurrency was extra more likely to be value $100 than $100K a decade from then. “Basically, if you take away the possibility of money laundering and tax evasion, its actual uses as a transaction vehicle are very small,” the previous IMF chief economist opined.

What do you concentrate on the feedback by Harvard Professor Rogoff? Let us know within the feedback part beneath.

Kevin Helms

A pupil of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source techniques, community results and the intersection between economics and cryptography.




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