Economist Tells World Governments to Stay Off Cryptocurrency
Jeffrey Tucker, Editorial Director for the American Institute for Economic Research (AIER) has urged governments and central banks around the world to let go of the idea of creating state-backed cryptocurrencies and instead focus on the soundness of the fiat system and the banking system.
According to Tucker, the growing cryptocurrency scene and its associated infrastructure are the preserve of private innovation and enterprise and that governments should not dabble in this field.
Tucker briefly explains how the 20th century saw the rise of truly centralized banking systems. He then explains how cryptocurrency offers the chance for the individual to take control of their money again.
In Tucker’s view, the rise of state-controlled monopoly over money supply over the past century is what led to world wars, economic depression, constant inflation, huge government debt and sprawling
He goes on to tear down the European Central Bank’s notion of having its own ECBcoin, or some such government-issued crypto. He makes it clear that he does not believe such a coin could compete in the current marketplace.
Cryptocurrency he says, is the “most exciting thing in money and finance on the planet,” so governments have no business putting their hands into it.
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