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A Harvard professor claims that central banks are “behind” the curve in crypto regulation

Kenneth Rogoff is a Harvard University professor in economics and public policies. He says that central banks are “way behind” the curve when it comes to regulating cryptocurrencies. The former International Monetary Fund (IMF) economist said this during an interview with Bloomberg Surveillance on Monday. Rogoff was curious as to why the US central banking…

Kenneth Rogoff is a Harvard University professor in economics and public policies. He says that central banks are “way behind” the curve when it comes to regulating cryptocurrencies.

The former International Monetary Fund (IMF) economist said this during an interview with Bloomberg Surveillance on Monday.

Rogoff was curious as to why the US central banking – the Federal Reserve- was looking at a central bank digital money (CBDC). He claims that the digital currency could “accomplish” whatever the government wants to do by changing the current monetary system.

A crypto skeptic, which includes of CBDCs. The economist claims that a successful retail rollout from the central bank would result “massive disintermediation”, that the government “probably is not ready to deal .”

For him, the motivation of some of the “smaller banks ” to seek a CBDC was the hope that they could eat into some transactions currently being seen on cryptocurrency platforms.

Crypto ‘doesn’t want to be regulated’

In a comment that illustrates the general misunderstanding of cryptocurrency, Rogoff says digital currencies’ “general idea” revolves around making tracking difficult. He also added:

I think governments and central banks are behind the curve in regulating cryptocurrency. They throw out the idea of having CBDCs to distract the conversation.”

Despite numerous calls from crypto industry for clarity and recognition by the government, Rogoff believes that the crypto industry is resisting regulation.

Comparing today’s crypto industry to early 2000s financial technology pioneers, the Harvard professor said that the motto of “catch me, regulate me, if possible” is incorrect. He claims that crypto is lobbying against regulation and throwing money around – the Super Bowl ads are an example.

He also seemed to criticize states like Florida, Colorado, and other crypto-friendly states for creating a warm regulatory environment. He said it was like these states wanted to be the next El Salvaldor.

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Bitcoin

Former Coinbase Business Developer: ‘There Wasn’t a Long-Term Case for Bitcoin Payments’

Nick Tomaino, a former business developer and marketing lead at Coinbase, explained how the idea of bitcoin for payments gradually lost its relevance in the market. Tomaino detailed that Coinbase rode this premise back in 2014 to raise $125 million in two funding rounds, but it was quickly clear that there was not a case [……
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Japanese Corporation Metaplanet Acquires More Bitcoin, Stock Price Soars

Metaplanet, a publicly traded corporation on the Tokyo Stock Exchange, has announced an investment of 23.351 bitcoins, with an average purchase price of 10,706,180 yen per BTC, totaling 250 million yen ($1.6 million). The company now holds 141.0727 bitcoins, with an average purchase price of 10,278,391 yen per BTC…
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Bitcoin

BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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