Kenneth Rogoff, a Harvard professor of Economics and former chief economic economist at the International Monetary Fund(IMF), says that central banks and governments are “way behind” the curve in regulating cryptocurrency. He said that officials are tempted to suggest central bank digital currencies (CBDCs), “to distract from the conversation.
In an interview with Bloomberg Monday, Kenneth Rogoff, an American economist, discussed cryptocurrency regulation (CBDCs), and central bank digital currencies. Rogoff is the Thomas D. Cabot professor of public policy and an economics professor at Harvard University. From 2001 to 2003, he was the chief economist of the International Monetary Fund.
Professor at Harvard described:
Central banks and governments are far behind the curve in regulating cryptocurrency. To distract from the discussion, they suggest CBDCs.
He commented on the U.S. issuing digital dollars and said: “At this moment, if we think about the United States issuing CBDCs, you have to wonder why they’re doing that.” We can do a lot of different things in the current system by tweaking.
According to the economic professor, if the Federal Reserve did it too well and there is a “retail digital currency central bank,” then “There would be massive disintermediation that I’m probably not ready for,” he warned.
Professor Rogoff said, “I believe there are small central bank that would like to issue a CBDC hoping that they’ll get some business like crypto.”
Rogoff answered when Rogoff was asked why central banks or governments were putting off regulating cryptocurrency. ‘”
He concluded:
The young crypto pioneers are very similar to me, and I have heard many of their ideas. They are wrong and they shouldn’t be regulated.
Rogoff is a long-time bitcoin skeptic. Rogoff warned previously that central banks and governments will not allow Bitcoin mainstream. He stated that the cryptocurrency would be more valuable than $100K in a decade. The former chief economist of the IMF said that cryptocurrency’s actual use as a transaction vehicle is very limited if money laundering and tax evasion are eliminated.
