Title: [17-10-30]Central bank-issued digital currency is the future, not cryptocurrency Post by: aysha9872 on October 30, 2017, 06:11:00 PM Central bank-issued digital currency is the future, not cryptocurrency, economist says
Digital currencies issued by central banks will make transactions more efficient while cryptocurrencies serve as a vehicle for illicit activity, economist Barry Eichengreen told CNBC Monday. Asked whether he thought cryptocurrencies like bitcoin and ether would play a major role in the economy, he said: "Not really." "I think there is a role for central bank-issued digital currencies which are a very different thing than crypto, anonymous currencies," he said. "The first alternative central bank digital currencies will make transactions more efficient. The second one is a vehicle for money laundering, tax evasion and the like." Cryptocurrencies have come under fire from a number of economists, regulators and banking executives in recent weeks. Harvard economist Kenneth Rogoff made a prediction that the price of bitcoin would "collapse" under continued pressure from governments. Last month, China's regulators moved to ban initial coin offerings (ICOs) that allow start-ups to raise funds by flogging off new cryptocurrencies. The price of the virtual asset dipped significantly following the ban. JPMorgan CEO Jamie Dimon has called bitcoin a "fraud" that will eventually "blow up." Earlier this month, the investment banker said he would refrain from commenting on bitcoin, only to scrutinize it again the next day. SOURCE: https://www.cnbc.com/2017/10/30/barry-eichengreen-central-bank-digital-currency-not-cryptocurrency.html |