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

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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


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