Central bank-issued digital currency is the future, not cryptocurrency, economist says. Digital currencies issued by central banks will make transactions more efficient, economist Barry Eichengreen told CNBC. But he said cryptocurrencies like bitcoin and ether serve as "a vehicle for money laundering, tax evasion and the like."
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.
This is taken from
https://www.cnbc.com.Aside from the comments of Mr. Jamie Dimon and some other CEOs criticizing Bitcoin as just fraud and bubble, this interview of an old man named Barry Eichengreen (am not sure if he is a respected economist because I never took the time to research more about him), is one of the few that really made me laugh hard.
I am now really convinced that we have to just give people like Barry a big smile whenever we hear about him because for all intents and purposes he failed -- miserably failed at that -- to even have a simple understanding why we have Bitcoin in the first place.
One thing for sure many economists especially the old ones have never took the time to research more and understand Bitcoin in its totality...these people are speaking according to their own experience and their own worlds rooted in the past. Nothing wrong with learning the mistakes of the past but those should never hinder us to create a better platform and a better future.