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

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Harvard economics professor and former chief economist at the International Monetary Fund (IMF) Kenneth Rogoff says central banks and governments are “far behind” in regulating cryptocurrencies. He added that officials are moving away from the idea of ​​using central bank digital currencies (CBDCs) “to divert attention.”

Harvard Professor of Cryptocurrency Regulation

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American economist Kenneth Rogoff discussed cryptocurrency regulation and central bank digital currencies (CBDCs) in an interview with Bloomberg on Monday. Rogoff is the Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University. He also served as chief economist for the International Monetary Fund (IMF) from 2001 to 2003.

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A Harvard professor described:

I think central banks and governments in general are way behind in regulating cryptocurrencies. They drop the idea of ​​having a CBDC to divert the conversation.

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Commenting on the issuance of a digital dollar in the US, he opined: “At the moment, if you are thinking about issuing a CBDC in the United States, you have to ask why they are doing it. Because we can do a lot of things the same way in the current system by making changes.”

The economics professor explained that if the Federal Reserve “did it too well” and there is “a retail central bank digital currency,” then “there will be a massive disintermediation that we’re probably not prepared to handle,” he warned.

Professor Rogoff continued, “I think there are smaller central banks that want to issue CBDCs, hoping they get the same kind of business as cryptocurrencies.”

Asked why central banks and governments are delaying regulation of cryptocurrencies, Rogoff replied: “I think it reminds me of the 1990s and early 2000s, when the financial system was inventing all these smart new financial engineering devices and saying…”catch me , if you can”. , “regulate me if you can.”

He concluded:

I hear about the same thing from young cryptocurrency pioneers, and there are a lot of ideas. But they are mistaken that they cannot be regulated.

Rogoff has long been a bitcoin skeptic. He had previously warned that governments and central banks would never allow BTC go mainstream. In 2018, he said that the cryptocurrency is likely to be worth $100, not $100,000 in ten years. “Basically, barring the possibility of money laundering and tax evasion, its actual use as a tool for transactions is very small,” said the former chief economist at the IMF.

What do you think of Harvard professor Rogoff’s comments? Let us know in the comments below.

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