Joseph Stiglitz: Advocates Complete Ban on Cryptocurrencies.

Jafar224

Renowned American economist and 2001 Nobel laureate in economics, Joseph Stiglitz, recently reiterated his negative stance on cryptocurrencies in an interview with CNBC.

He stated in the interview, 'I do think we should outlaw cryptocurrencies altogether,' and went on to point out the major flaws of cryptocurrencies.

Stiglitz believes that due to their lack of transparency, cryptocurrencies are not the 'best strategy to promote a steady recovery of the global economy.' Moreover, he emphasized that cryptocurrencies are often associated with illegal financial activities such as money laundering and capital flight.

Stiglitz bluntly stated, 'There's no reason to have it (cryptocurrencies).' He argued that these currencies are far from being comparable to the US dollar and lack the attributes of what can be considered a 'good currency.'

Nevertheless, the economist expressed affirmation for the value of digital payment systems. He mentioned, 'I have been a great advocate of moving to an electronic payments system with high efficiency. If we could get rid of the paper currency, we could really strengthen the regulators.'

Isha000

This guy's statement is too absolute, isn't it?

Jiten171

There's really no need for this.

Kamal531

Looks like there are people starting to sing a different tune as well.