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  • 27.592,00 23 mrt 2023 06:35
  • +392,12 (+1,44%) Dagrange 27.187,99 - 27.630,22
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Nieuw Bitcoin Forum

13.936 Posts
Pagina: «« 1 ... 583 584 585 586 587 ... 697 »» | Laatste | Omlaag ↓
  1. forum rang 7 HCohen 18 juli 2022 09:08
    From $25 billion to $167 million: How a major crypto lender collapsed and dragged many investors down with it

    Celsius is down to $167 million “in cash on hand,” which they say will provide “ample liquidity” to support operations during the restructuring process.
    Celsius owes its users around $4.7 billion, according to its bankruptcy filing — and there’s an approximate $1.2 billion hole in its balance sheet.

    Why the collapse of Celsius may not be a total shock, but is still putting a chill over the entire crypto market
    Celsius filing for bankruptcy this week surprised virtually no one. Once a platform freezes customer assets, it’s typically all over. But just because the fall of this embattled crypto lender didn’t come as a shock, doesn’t mean it wasn’t a really big deal for the industry.

    In October 2021, CEO Alex Mashinsky said the crypto lender had $25 billion in assets under management. Even as recently as May — despite crashing cryptocurrency prices — the lender was managing about $11.8 billion in assets, according to its website. The firm had another $8 billion in client loans, making it one of the world’s biggest names in crypto lending.

    Now, Celsius is down to $167 million “in cash on hand,” which it says will provide “ample liquidity” to support operations during the restructuring process.

    Meanwhile, Celsius owes its users around $4.7 billion, according to its bankruptcy filing — and there’s an approximate $1.2 billion hole in its balance sheet.

    It goes to show that leverage is one hell of a drug, but the moment you suck out all that liquidity, it’s a whole lot harder to keep the party going.

    The fall of Celsius marks the third major bankruptcy in the crypto ecosystem in two weeks, and it is being billed as crypto’s Lehman Brothers moment — comparing the contagion effect of a failed crypto lender to the fall of a major Wall Street bank that ultimately foretold the 2008 mortgage debt and financial crisis.

    Regardless of whether the Celsius implosion portends a larger collapse of the greater crypto ecosystem, the days of customers collecting double-digit annual returns are over. For Celsius, promising those big yields as a means to onboard new users is a big part of what led to its ultimate downfall.

    “They were subsidizing it and taking losses to get clients in the door,” said Castle Island Venture’s Nic Carter. “The yields on the other end were fake and subsidized. Basically, they were pulling through returns from [Ponzi schemes].”

    Who will get their money back
    Three weeks after Celsius halted all withdrawals due to “extreme market conditions” — and a few days before the crypto lender ultimately filed for bankruptcy protection — the platform was still advertising in big bold text on its website annual returns of nearly 19%, which paid out weekly.

    “Transfer your crypto to Celsius and you could be earning up to 18.63% APY in minutes,” read the website on July 3.

    Promises such as these helped to rapidly lure in new users. Celsius said it had 1.7 million customers, as of June.

    The company’s bankruptcy filing shows that Celsius also has more than 100,000 creditors, some of whom lent the platform cash without any collateral to back up the arrangement. The list of its top 50 unsecured creditors, includes Sam Bankman-Fried’s trading firm Alameda Research, as well as an investment firm based in the Cayman Islands.

    Those creditors are likely first in line to get their money back, should there be anything for the taking — with mom and pop investors left holding the bag.

    After filing its bankruptcy petition, Celsius clarified that “most account activity will be paused until further notice” and that it was “not requesting authority to allow customer withdrawals at this time.”

    The FAQ goes on to say that reward accruals are also halted through the Chapter 11 bankruptcy process, and customers will not be receiving reward distributions at this time.

    That means customers trying to access their crypto cash are out of luck for now. It is also unclear whether bankruptcy proceedings will ultimately enable customers to ever recoup their losses. If there is some sort of payout at the end of what could be a multi-year process, there is also the question of who would be first in line to get it.

    Unlike the traditional banking system, which typically insures customer deposits, there aren’t formal consumer protections in place to safeguard user funds when things go wrong.

    Celsius spells out in its terms and conditions that any digital asset transferred to the platform constitutes a loan from the user to Celsius. Because there was no collateral put up by Celsius, customer funds were essentially just unsecured loans to the platform.

    Also in the fine print of Celsius’ terms and conditions is a warning that in the event of bankruptcy, “any Eligible Digital Assets used in the Earn Service or as collateral under the Borrow Service may not be recoverable” and that customers “may not have any legal remedies or rights in connection with Celsius’ obligations.” The disclosure reads like an attempt at blanket immunity from legal wrongdoing, should things ever go south.

    Another popular lending platform catering to retail investors with high-yield offerings is Voyager Digital, which has 3.5 million customers and recently filed for bankruptcy, as well.

    To reassure their millions of users, Voyager CEO Stephen Ehrlich tweeted that after the company goes through bankruptcy proceedings, users with crypto in their account would potentially be eligible for a sort of grab bag of stuff, including a combination of the crypto in their account, common shares in the reorganized Voyager, Voyager tokens, and then whatever proceeds they are able to get from the company’s now-defunct loan to the once prominent crypto hedge fund Three Arrows Capital.

    It is unclear what the Voyager token would actually be worth, or whether any of this will come together in the end.

    Three Arrows Capital is the third major crypto player seeking bankruptcy protection in a U.S. federal courtroom, in a trend that can’t help beg the question: Will bankruptcy court ultimately be the place where new precedent in the crypto sector is set, in a sort of regulate-by-ruling model?

    Lawmakers on Capitol Hill are already looking to establish more ground rules.

    Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y., are aiming to provide clarity with a bill that lays out a comprehensive framework for regulating the crypto industry and divvies up oversight among regulators like the Securities and Exchange Commission and the Commodity Futures Trading Commission.

    Celsius’ overarching problem is that the nearly 20% APY it was offering to customers wasn’t real.

    In one lawsuit, Celsius is being accused of operating a Ponzi scheme, in which it paid early depositors with the money it got from new users.

    Celsius also invested its funds in other platforms offering similarly sky-high returns, in order to keep its business model afloat.

    A report from The Block found that Celsius had at least half a billion dollars invested in Anchor, which was the flagship lending platform of the now failed U.S. dollar-pegged stablecoin project terraUSD (UST). Anchor promised investors a 20% annual percentage yield on their UST holdings — a rate many analysts said was unsustainable.
  2. forum rang 4 Enzo123 18 juli 2022 10:10
    US and UK to Deepen Ties on Crypto Regulation, Says British Regulator
    Britain’s top financial regulator, the Financial Conduct Authority (FCA), says the U.S. and U.K. will deepen ties on crypto regulation. “In the past, innovative firms would have been pleading for less regulation. Now they understand and appreciate that rules are there to help provide certainty,” said the British regulator.

    US and US to Strengthen Collaboration on Crypto Regulation
    The U.K. Financial Conduct Authority’s chief executive, Nikhil Rathi, outlined the FCA’s regulatory goals Wednesday at Peterson Institute for International Economics.

    “One area of global focus is crypto, both opportunities and risks,” the FCA chief said. “Currently, our remit is limited to anti-money laundering rules for platforms. We have applied those strict rules as we would to any other firm that wants to operate in the U.K. market.”

    The regulator added:

    The U.S. and U.K. will deepen ties on crypto-asset regulation and market developments — including in relation to stablecoins and the exploration of central bank digital currencies.

    Rathi proceeded to mention that the FCA held “Cryptosprints” earlier this year, which drew nearly 200 participants. “The objective of the events was to seek industry views around the current market and the design of an appropriate regulatory regime,” the FCA explained on its website.

    The chief financial regulator described:

    Participants told us they wanted a regulatory regime for cryptoassets as a high priority … They also want regulation phased in over time, to allow firms and investors to prepare and for the rules to fit the evolving crypto assets.

    “In the past, innovative firms would have been pleading for less regulation. Now they understand and appreciate that rules are there to help provide certainty,” he opined.

    The FCA chief noted:

    We are demonstrably supporting responsible use cases for the underlying technology while ensuring it is not at the expense of appropriate consumer protection or market integrity.

    The U.K. government outlined in May its legislative agenda for the next parliamentary year in the Queen’s Speech. One of the bills aims to support “the safe adoption of cryptocurrencies and resilient outsourcing to technology providers.” Another aims to create “powers to more quickly and easily seize and recover crypto assets, which are the principal medium used for ransomware.”

    Furthermore, the British government unveiled a detailed plan in April to make the country a global crypto hub and “a hospitable place for crypto.” The plan includes establishing a dynamic regulatory framework for crypto, regulating stablecoins, and working with the Royal Mint to create a non-fungible token (NFT) to be issued by the Summer.
  3. forum rang 4 Enzo123 18 juli 2022 10:11
    Gary Gensler Outlines What to Expect From SEC on US Crypto Regulation
    The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has outlined what to expect from the securities watchdog on crypto regulation. “We do have robust authorities from Congress also to use our exemptive authorities that we can tailor investor protection,” he explained.

    Chair Gensler Highlights SEC’s Work on Crypto Regulation
    SEC Chairman Gary Gensler outlined what to expect from his agency on U.S. crypto regulation Thursday in an interview with Yahoo Finance Live. He was asked, “What can we expect from the SEC in the coming months on the crypto regulatory front?”

    Gensler replied: “More broadly, the public right now would benefit from investor protection around these various service providers … the exchanges, the lending platforms, and the broker-dealers.” The SEC chief elaborated:

    So, we at the SEC, are working in each of those three fields — exchanges, lending, and the broker-dealers — and talking to industry participants about how to come into compliance, or modify some of that compliance.

    Gensler stressed he has repeatedly told crypto exchanges, trading platforms, and lending platforms: “Come in, talk to us.”

    He explained that the SEC has the authority from Congress to modify some rules to better protect investors, stating:

    We do have robust authorities from Congress also to use our exemptive authorities that we can tailor investor protection.

    He noted that the securities watchdog can even tailor what the disclosures might be for tokens themselves, adding that perhaps not all disclosures for someone issuing equities apply to crypto issuers.

    “The public benefits by knowing full and fair disclosure and that somebody is not lying to them … basic protection,” the SEC boss emphasized.

    Regarding what to expect from his agency on crypto regulation, Gensler further shared:

    We are also looking at the tokens, the stablecoins, and the non-stablecoins. Separately, we do have discussions with the bank regulators and with our friends and colleagues at the CFTC.

    He reiterated that “Bitcoin is a non-security token,” adding that with non-security tokens, the SEC will send information to the Commodity Futures Trading Commission (CFTC) and “collaborate as best we can.” In June, Gensler said bitcoin is a commodity but would not comment on other crypto tokens, including ether (ETH).

    The SEC chair proposed in May “one rule book” for the regulation of crypto tokens. He revealed at the time that he is working on a memorandum of understanding with his counterparts at the CFTC, noting that it would be a formal deal to ensure that trading in digital assets has adequate safeguards and transparency.

    Following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST), Gensler warned that many crypto tokens will fail. He also cautioned investors about “too good to be true” crypto products after crypto lender Celsius Network froze withdrawals.

    The SEC is currently probing Celsius over its decision to freeze accounts. The crypto firm filed for bankruptcy protection last week. The securities regulator is also investigating Do Kwon’s Terraform Labs and UST.
  4. forum rang 4 Enzo123 18 juli 2022 10:18
    De regulerende instanties in UK en US hebben het dus wederom niet over een totaal verbod op crypto's, terwijl een algeheel verbod op 'cryptomeuk' een jaar geleden al als vaststaand feit werd genoemd door sommige forumleden.
    Gensler heeft al aangegeven dat Bitcoin sowieso niet onder zijn paraplu valt omdat het een commodity is en geen security.
  5. forum rang 7 HCohen 18 juli 2022 12:27
    Door ABM Financial News op maandag 18 juli 2022
    DNB beboet cryptoplatform Binance
    (ABM FN-Dow Jones) De Nederlandsche bank heeft het grootste cryptoplatform ter wereld Binance een bestuurlijke boete opgelegd van ruim 3,3 miljoen euro. Dit maakte DNB maandag bekend.

    "De boete is opgelegd omdat Binance cryptodiensten heeft aangeboden in Nederland zonder een wettelijk vereiste registratie bij DNB. Dat is verboden", aldus DNB.

    Bedrijven die in Nederland cryptodiensten willen aanbieden, zijn op grond van de Wet ter voorkoming van witwassen en financieren van terrorisme (Wwft) verplicht om zich daarvoor te registreren bij DNB. Op 18 augustus vorig jaar kreeg Binance al een openbare waarschuwing van DNB.

    De overtredingen die Binance heeft begaan, zijn beboetbaar met een boete uit de derde categorie, aldus DNB. Hierdoor heeft de bestuurlijke boete een basisbedrag heeft van 2.000.000 euro en een maximumbedrag van 4.000.000 euro.

    "Het basisbedrag is verhoogd vanwege verhoogde ernst en verwijtbaarheid", aldus DNB, dat ook in ogenschouw nam dat Binance "mondiaal de grootste aanbieder van cryptodiensten is, met een dagelijks handelsvolume van 13,7 miljard dollar, en dat Binance in Nederland een zeer groot aantal klanten heeft."

    Ook heeft Binance concurrentievoordeel genoten omdat zij geen heffingen aan DNB heeft afgedragen en ook geen andere kosten heeft hoeven maken in verband met doorlopend toezicht door DNB", aldus de centrale bank.

    Verder vonden de overtredingen gedurende een lange periode plaats, volgens DNB: "sinds 21 mei 2020, de datum van de invoering van registratieplicht, tot in ieder geval 1 december 2021. DNB beschouwt deze overtredingen dan ook als zeer ernstig."

    De boete werd tot slot wel met 5 procent gematigd door DNB, "onder meer omdat er inmiddels een registratieaanvraag is gedaan en omdat Binance gedurende het hele proces relatief transparant over haar bedrijfsvoering is geweest. Deze registratie wordt op dit moment door DNB beoordeeld."
  6. forum rang 5 Knife Catcher 18 juli 2022 21:40

    DeZwarteRidder schreef op 18 juli 2022 09:38:

    De Bitcoin doet het bijzonder goed vandaag.
    Was dit nu een gevalletje van "de wens is de vader van de gedachte"

    of van "prijs de dag niet voor het avond is"

    of misschien wel beide

    Inmiddels bijna 2/3e van de dagwinst weer ingeleverd; en verder niets van te zeggen. Kan alle kanten op (gemanipuleerd worden)
  7. forum rang 10 voda 19 juli 2022 06:50
    Sweden to Support Steel Making over Crypto Currency Mining

    Strategic Research Institute
    Published on :
    19 Jul, 2022, 6:40 am

    Europe’s one of the largest crypto currency mining sector Sweden prefers to supply electricity for the production of decarbonized steel making life difficult for virtual miners as rising energy prices have presented Sweden with a choice to supply electricity for job-creating projects such as steel mills or allocate more power to bitcoin miners, which require more and more energy. Sweden’s Minister of Energy Mr Hashayar Farmanbar indicated that the government is inclined to support metallurgists in this competition. . In a recent interview, Mr Farmanbar remarked that “The Swedish economy is moving from a period of administration to an extreme expansion where our entire manufacturing industry is seeking to electrify. We need energy for more useful things than bitcoin, to be honest.”

    Two options have been discussed. One is to change the order in which power users are connected to the network, prioritizing those that presumably bring more benefits to the society, such as creating a large number of jobs. The other possible move is to limit the scope of the preferential tax treatment that all data centers currently enjoy. The argument is that the intended purpose of this incentive was to attract multinational corporations such as Microsoft and Facebook, not crypto mining businesses

    The location of crypto mining farms is largely determined by the availability of cheap electricity while the profits for their operators depend to a large extent on the prices of crypto assets. With its hydro reservoirs and wind parks providing clean and low-cost electricity, Sweden has attracted many bitcoin miners and its coin minting industry has become one of largest in Europe. However, worried about its increased power consumption, the government has tasked the Swedish Energy Agency to estimate the energy usage in the digital space, especially crypto mining. The results from the ordered review are likely to worsen the first of these conditions and the crypto market downturn has already affected the other one.

    SSAB, which plans to make fossil-free steel, said grid operators should prioritize industrial projects like its own, rather than connecting users on a first-come, first-served basis, as they do now. SSAB official said “You can take into account which projects bring the most benefit to the climate and society. We could cut Sweden's carbon emissions by 10%.”

    Sweden's steel companies have chosen to specialize within different areas. Production is focused on highly finished products which mainly go for export. Committed and competent employees are the foundation of the steel industry's success. Iron and steel is produced at thirteen plants in Sweden. In addition to these, there are plants for the processing of steel. For historical reasons, the majority of the steelworks are found in Bergslagen. Bjorneborg Steel, Celsa Steel Service, Erasteel Kloster, Fagersta Stainless, Kanthal, Outokumpu Stainless, Ovako, Sandvik Materials Technology, SSAB, Surahammars Bruk, Suzuki Garphyttan, Uddeholm & Voestalpine Precision Strip.
  8. forum rang 10 voda 19 juli 2022 08:06
    Zet actie DNB tegen Binance zoden aan de dijk in cryptomarkt? Vijf vragen

    Gisteren, 18:38

    Toezichthouder De Nederlandsche Bank (DNB) heeft cryptoplatform Binance een miljoenenboete opgelegd. Het ontbreken van een registratie gaf DNB de aanzet om de grootste cryptobeurs ter wereld flink op de vingers te tikken. Wat gaat de actie van DNB teweegbrengen in de cryptomarkt? Vijf vragen.

    ANP / HH
    1 Waarom heeft DNB de miljoenenboete opgelegd aan Binance?

    DNB benadrukt het grote belang voor cryptobedrijven om een registratie te hebben bij het aanbieden van diensten aan Nederlandse klanten mede gelet op het tegengaan van terrorisme en witwassen. Dat Binance niet de juiste registratie had voor de Nederlandse markt noemt DNB ’ernstig’ en ’verwijtbaar’. Binance heeft inmiddels laten weten niet in beroep te gaan tegen de miljoenenboete en dat het ook bij DNB heeft aangegeven om in aanmerking te willen komen voor een registratie. Daarnaast wil het cryptobedrijf een vestiging in Nederland openen, waar toekomstige klanten terecht kunnen voor informatie of klachten.

    Bitcoin gezakt onder de $20.000, maar fans houden moed: ’Hij gaat altijd weer omhoog’

    2 Wat voor bedrijf is Binance?

    Binance, dat in 2017 opgericht werd door Changpeng Zhao, is in de voorbije jaren hard gegroeid tot het grootste platform voor de aan- en verkoop van cryptomunten, met ruim $13 miljard aan dagelijks handelsvolume. Het ontbreekt het cryptobedrijf - omzet van $24 miljard - bepaald niet aan ambities. Ook in Europa timmert Binance flink aan de weg. Het cryptobedrijf heeft al registraties in drie grote Europese landen: Italië, Spanje en Frankrijk.

    Europese cryptoregels goed voor stabiliteit, maar komen wel met prijskaartje

    3 Waarom is Binance zo populair bij cryptobeleggers?

    Volgens Teunis Brosens, crypto-expert bij ING, had Binance bij de oprichting al het plan om zoveel mogelijk decentraal te opereren zonder de inzet van kantoren, waardoor de kosten laag konden blijven. Hij wijst er ook op dat toezichthouders overrompeld werden door de manier van werken van deze crytobedrijven en lange tijd nodig hadden een dossier op te bouwen om aan te tonen dat ze actief waren met het aanbieden van diensten in een land.

    4 Heeft de cryptowereld baat bij een scherper toezicht van DNB?

    Brosens benadrukt dat het een goede zaak is dat cryptobedrijven moeten voldoen aan een registratie, zodat cryptobeleggers meer transparantie krijgen over de activiteiten en er ook een eerlijker speelveld komt. De crypto-expert geeft verder aan dat er door Europese regelgeving ook steeds meer bescherming komt.

    Omstreden zakenman Bob Ultee nu in crypto’s en elektrische motoren

    5 Gaan de rotte appels in de cryptowereld sneller door de mand vallen?

    Volgens Brosens heeft een cryptobelegger zelf de keuze om in zee te gaan met een onbekend bedrijf dat gevestigd is in een land ver weg of met een bedrijf dat een registratie heeft. Daarnaast laat hij weten dat je ook een onderscheid moet maken tussen cryptobeurzen die zich alleen bezighouden met de handel in digitale munten en cryptobedrijven die zeer risicovol handelen en waarvan onduidelijk is wat voor dekking ze hebben.

    Paniek bij cryptobeleggers: ’stabiele’ munt keldert en sleept bitcoin mee in valZet actie DNB tegen Binance zoden aan de dijk in cryptomarkt? Vijf vragen
  9. forum rang 7 HCohen 19 juli 2022 12:05

    US Senator Says Too Many Crypto Firms Are Able to Scam Customers — Urges SEC to Regulate
    U.S. Senator Elizabeth Warren says that “too many crypto firms have been able to scam customers and leave ordinary investors holding the bag while insiders make off with their money.” She stressed the need for stronger rules, urging the Securities and Exchange Commission (SEC) and Congress to take action on crypto regulation.

    U.S. Senator Says Crypto Needs Stronger Regulation
    U.S. Senator Elizabeth Warren (D-MA) voiced her concerns about cryptocurrency investing in an interview with Yahoo Finance Live last week after several crypto firms filed for bankruptcy protection.

    Calling on the U.S. Securities and Exchange Commission (SEC) to act, she emphasized:

    Congress needs to act, but the SEC has a responsibility to use its authorities to put guardrails in place and crack down on crypto actors that break the rules.

    “I’ve been ringing the alarm bell on crypto and the need for stronger rules to protect consumers and financial stability,” the senator added.

    Last week, crypto lender Celsius Network filed for bankruptcy protection after freezing withdrawals. A week prior, another crypto lender, Voyager Digital, filed for bankruptcy protection. The company cited contagion in crypto markets and bankrupt crypto hedge fund Three Arrows Capital‘s loan default as the reasons.

    Warren stressed:

    Too many crypto firms have been able to scam customers and leave ordinary investors holding the bag while insiders make off with their money.

    SEC Commissioner Hester Peirce expressed concerns in May that the securities watchdog has dropped the ball on the regulation of cryptocurrencies. “We can go after fraud and we can play a more positive role on the innovation side, but we have to get to it, we’ve got to get working … I haven’t seen us willing to do that work so far,” she opined.

    Gary Gensler, the chairman of the SEC, has been criticized for taking an enforcement-centric approach to crypto regulation. In May, the securities watchdog said it will almost double the size of its enforcement division’s crypto unit. Last week, Gensler outlined what investors can expect from the SEC on the crypto regulatory front.

    Senator Warren has been pressing Gensler to step up crypto oversight on several occasions. In July last year, she warned of the growing risks of cryptocurrency trading, calling on the securities regulator to “use its full authority to address these risks.” She also said decentralized finance (defi) is the most dangerous part of crypto, urging regulators to clamp down on stablecoins and defi platforms “before it is too late.”

    In May, she demanded answers from financial services firm Fidelity Investments regarding the company’s decision to allow bitcoin investments in 401K plans. Fidelity’s move has troubled the Labor Department. “We have grave concerns with what Fidelity has done,” said Ali Khawar, Acting Assistant Secretary of the Labor Department’s Employee Benefits Security Administration. The senator has also repeatedly bashed bitcoin’s environmental impact.
  10. forum rang 10 DeZwarteRidder 20 juli 2022 10:48

    Galilee schreef op 20 juli 2022 08:40:

    The Real Scaling Solution For Bitcoin

    Forget Lightning, there is an entirely different approach to Bitcoin scaling that fiat money has obscured.
    Een belachelijk onzinverhaal..........!!!
  11. forum rang 7 HCohen 20 juli 2022 10:51
    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.
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