Market

Former US Treasury Secretary Larry Summers: “Regulated” cryptocurrency is better than free paradise

Lawrence Summers, former Treasury Secretary during the Clinton administration and Director of the National Economic Council of the White House during the Obama administration, spoke about regulating cryptocurrencies in a recent interview. interview with Bloomberg on Friday (September 24th).

Lawrence Summers – Former Vice President of Development Economics and Chief Economist of the World Bank

For example, when asked why regulators around the world are “deeply skeptical” of cryptocurrencies, China is cracking down on crypto and mining activities. Summers says that the word “cryptocurrency” suggests a “desire to keep big financial stocks secret”:

“When large financial payments are made clandestinely, they are often referred to as money laundering, assisting criminal activities, defrauding innocent people.”

“The truth is that the aircraft industry would not exist without flight safety, no transportation system without the safety of car engines.”

Summers added that the blockchain-based payments industry “should be better regulated rather than trying to be a free-spirited paradise”.

“I think the crypto community needs to recognize this and work with governments. In my opinion, this industry can be one of the most important innovations. “

The former IMF official has also indicated that some believe that cryptocurrencies will be “a highway where we won’t have to enforce banking rules like KYC, move money freely and avoid taxes”.

“I see this as recognition that all industries must achieve.”

“You need a regulatory framework. Not only do they need it to protect consumers, they also need it to protect themselves. “

“Without a strong SEC, there would be no New York Stock Exchange as the center of the world stock market, even if people don’t like the regulations.”

We invite you to join our Telegram for faster news: https://t.me/coincunews

Mr. Teacher

According to News.Bitcoin

 

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

“The truth is that the aircraft industry would not exist without flight safety, no transportation system without the safety of car engines.” Summers added that the blockchain-based payments industry “should be better regulated rather than trying to be a free-spirited paradise”. “I think the crypto community needs to recognize this and work with governments. In my opinion, this industry can be one of the most important innovations. ” The former IMF official has also indicated that some believe that cryptocurrencies will be “a highway where we won’t have to enforce banking rules like KYC, move money freely and avoid taxes”. “The truth is that the aircraft industry would not exist without flight safety, no transportation system without the safety of car engines.” Summers added that the blockchain-based payments industry “should be better regulated rather than trying to be a free-spirited paradise”. “I think the crypto community needs to recognize this and work with governments. In my opinion, this industry can be one of the most important innovations. ” The former IMF official has also indicated that some believe that cryptocurrencies will be “a highway where we won’t have to enforce banking rules like KYC, move money freely and avoid taxes”. “The truth is that the aircraft industry would not exist without flight safety, no transportation system without the safety of car engines.” Summers added that the blockchain-based payments industry “should be better regulated rather than trying to be a free-spirited paradise”. “I think the crypto community needs to recognize this and work with governments. In my opinion, this industry can be one of the most important innovations. ” The former IMF official has also indicated that some believe that cryptocurrencies will be “a highway where we won’t have to enforce banking rules like KYC, move money freely and avoid taxes”. “The truth is that the aircraft industry would not exist without flight safety, no transportation system without the safety of car engines.” Summers added that the blockchain-based payments industry “should be better regulated rather than trying to be a free-spirited paradise”. “I think the crypto community needs to recognize this and work with governments. In my opinion, this industry can be one of the most important innovations. ” The former IMF official has also indicated that some believe that cryptocurrencies will be “a highway where we won’t have to enforce banking rules like KYC, move money freely and avoid taxes”. 
Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Clanker Token Trading Volume Hits $59.8 Million High

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

15 minutes ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

38 minutes ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

1 hour ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

3 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

4 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

4 hours ago

This website uses cookies.