Harvard University professor says the big economy will be forced to restrict private currencies

Kenneth Rogoff shared his opinion regarding cryptocurrencies, which help people to remain anonymous with their digital transactions.

Increasing crypto adoption and the rise in the promotion of illicit activities because of crypto is raising big questions about the crypto utility cases. However crypto & blockchain technology are different from each other but both of them are important terms & needs for each other. The majority of the tech experts are supporting blockchain but at the same time, they are avoiding adopting cryptocurrencies. 

Recently a former chief economist at the International Monetary Fund, and current professor of economics at Harvard University, Kenneth Rogoff, shared his thoughts and point of view on the current situation of the crypto & blockchain industry under the current regulatory framework in the world. 

Rogoff said that dominant economic power will not take crypto regulation work seriously until digital assets-related issues impact the rest of the globe. According to him, Rogoff all the regulatory bodies are working to introduce a better and improved regulatory framework to ensure the safety of the domestic investor and maintain financial stability. 

Economic experts also noted that the theory of economics has long proven that the value of any money exists in its possible use cases and the govt of advanced economies will most likely find out the problems associated with the crypto industry.

“Advanced-economy governments will be forced to institute a broad-based ban on digital currencies that do not permit users’ identities to be easily traced.”

On the crypto ban chances, Rogoff said that the regualtory framework will impose restrictions on individuals to restrict the unfair crypto use activities.

Professor added:

“The ban would certainly have to extend to financial institutions and businesses, and would likely also include some restrictions on individuals.”

Rogoff also noted that highly anonymous features because of the advanced blockchain cryptography may cause the Govt agencies to curb anonymity issues and surely it will result in the downfall of the price of crypto assets also in liquidity.

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