Fun

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

News Feed - 2022-07-20 11:07:54

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


Harvard Professor of Economics and former chief economist at the International Monetary Fund (IMF) Kenneth Rogoff says central banks and governments are “way behind the curve” in regulating cryptocurrencies. He added that officials throw out the idea of having central bank digital currencies (CBDCs) “to distract the conversation.” Harvard’s Professor on Cryptocurrency Regulation


American economist Kenneth Rogoff discussed cryptocurrency regulation and central bank 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 also served as chief economist at the International Monetary Fund (IMF) from 2001–2003.


The Harvard professor described: I think central banks are way behind the curve, and governments in general, in regulating cryptocurrencies. They throw out the idea of having CBDCs to distract the conversation.


Commenting on the U.S. issuing a digital dollar, 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 economic professor explained that if the Federal Reserve “did it too well,” and there is 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 asked 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 much the same things from the young cryptocurrency pioneers and there are a lot of ideas. But they are wrong that they can’t be regulated.


Rogoff has long been a bitcoin skeptic. He previously cautioned that governments and central banks will never allow BTC to go mainstream. In 2018, he said the cryptocurrency was more likely to be worth $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 former IMF chief economist opined. Tags in this story CBDC, central bank digital currency, Central Banks, Governments, harvard professor, Kenneth Rogoff, Kenneth Rogoff bitcoin, Kenneth Rogoff crypto, Kenneth Rogoff crypto regulation, Kenneth Rogoff cryptocurrency


What do you think about the comments by Harvard Professor Rogoff? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Indian Finance Minister: Crypto Ban, Regulation Effective Only With Significant International Collaboration REGULATION | 19 hours ago Dubai Regulator Grants Crypto Trading App OKX License to Extend Services in the UAE REGULATION | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFinder’s Experts Predict Ethereum Falling to $675 — Long-Term ETH Predictions Lowered Considerably Next articleDigital Token Issued In Russia to Facilitate Investments in Palladium Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design

News Feed

Binance Calls for Global Crypto Regulation While Launching ‘Crypto Is Evil’ Ad Campaign
Binance Calls for Global Crypto Regulation While Launching "Crypto Is Evil" Ad Campaign Cryptocurrency exchange Binance has called for “global regulatory frameworks for cryp
William Suberg10 hours agoBitcoin puzzles traders as BTC price targets $40K despite declining volume“Something doesn’t feel right” about the latest BTC price uptick, a warning tells traders, as Bitcoin open interes
Facebook Buys Stake in Reliance Jio — How the Deal Affects Cryptocurrency in India
Facebook Buys Stake in Reliance Jio — How the Deal Affects Cryptocurrency in India Facebook is buying a stake in Reliance Jio, India’s largest telecom operator. The deal has
Elon Musk’s X ban dispute with Brazil takes toll on local crypto community
Daniel Ramirez-Escudero10 hours agoElon Musk’s X ban dispute with Brazil takes toll on local crypto communityBrazil’s ban on X sparks a battle over free speech between Elon Musk and the legal authorities, leaving Bra
Bitcoin Rebound Signals Healthier Bull Market Without Overheating, Analyst Says
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
UK Affirms Commitment to Regulate Stablecoins Following Terra Meltdown
UK Affirms Commitment to Regulate Stablecoins Following Terra Meltdown The British Treasury Department has affirmed its commitment to regulate stablecoins after the collapse of ter
XRP Price Prediction: $36 Is In The Cards As 3-Month Timeframe Turns Bullish?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Breakout Is A Trap—Analyst Predicts Pain Before $160,000 Surge
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ezra Reguerra5 hours agoGoogle to allow NFT game ads, metaverse ‘hot’ in Asia: Nifty NewsletterGoogle will allow NFT game advertisements that do not have any gambling or gambling services included within the games.28
Ethereum at 9: Industry leaders reflect on the ecosystem
Savannah Fortis9 hours agoEthereum at 9: Industry leaders reflect on the ecosystemAs Ethereum celebrates its ninth anniversary, we reflect on its transformative journey and share nine key insights from leading executives
54% Of Bitcoin Supply Inactive Since 2 Years Despite 500% Price Jump
Este artículo también está disponible en español. On-chain data shows a majority of the Bitcoin supply hasn’t moved in more than two years, despite the fact that BT
Savannah Fortis15 hours agoItalian regulators investigate online AI data scrapingThe Italian Data Protection Authority has launched a “fact-finding” probe into the security practices of public and private websites to