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Stiglitz Predicts Cryptocurrencies Will Be “Regulated Into Oblivion”

Stiglitz Predicts Crypocurrencies Will be Joseph Stiglitz, the former chief economist of the World Bank and Nobel laureate, has predicted that cryptocurrencies will be “regulated into oblivion” in future, with Mr. Stiglitz saying that BTC may be “worth just $100 in 10 years.” Also Read: Philippines Embraces Cryptocurrency: Exchanges Issued Provisional Licenses

Nobel Laureate Predicts Future Regulatory Onslaught Targeting Crypto

In a recent interview with Financial News, Mr. Stiglitz predicted that bitcoin and alternative cryptocurrencies will become the subject of a major regulatory crackdown in future. “You cannot have a means of payment that is based on secrecy when you’re trying to create a transparent banking system,” the Nobel Laureate said. “If you open up a hole like bitcoin then all the nefarious activity will go through that hole, and no government can allow that.” The Columbia University professor theorized that law enforcement across the globe are yet to adopt prohibitive policies regarding cryptocurrencies due to the underdevelopment of the virtual currency ecosystem, stating “Once it becomes significant they will use the hammer.” “Bitcoin could easily be worth just $100 in 10 years,” said Mr. Stiglitz. “People in power will move to regulate anonymous transactions. That you can be sure of.”

Stiglitz Persistently Calls for BTC to Be Banned

Mr. Stiglitz’ comments are of a similar vein to those made by the professor regarding cryptocurrency in recent years. In September, 2016, Mr. Stiglitz stated that “The main use of Bitcoin has been to circumvent tax authorities and regulation. I think the US government did the right thing by shutting or trying to shut it down.” In an interview with Bloomberg during December of last year, Mr. Stiglitz echoed virtually identical sentiment, asserting that “bitcoin is successful only because of its potential for circumvention.” The Nobel laureate continued: “it seems to me [bitcoin] ought to be outlawed. It doesn’t serve any socially useful function. We ought to just go back to what we always have had […] This is just a bubble … It’s a bubble that is going to give a lot of people a lot of exciting times as it rides up and then goes down.” What is your response to Joseph Stiglitz’ comments? Share your thoughts in the comments section below!
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At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Stiglitz Predicts Cryptocurrencies Will Be “Regulated Into Oblivion” appeared first on Bitcoin News.

Iran Considers Using Cryptocurrencies to Evade US Sanctions
Iran Considers Using Cryptocurrencies to Evade US Sanctions

Iran may employ cryptocurrencies as part of its efforts to circumvent the upcoming US sanctions, according to a high-ranking Iranian lawmaker who said the matter will be discussed in parliament soon. The Iranian MP also believes that digital money can help with overcoming the hegemony of the US doll...

17.07.2018, 03:55Read more
P2P Markets Report: Latin American and Hungarian Volume Surges
P2P Markets Report: Latin American and Hungarian Volume Surges

Latin American peer-to-peer (P2P) markets have seen an influx of volume in recent weeks, with the Localbitcoins markets of Argentina, Brazil, and Venezuela posting significant spikes in volume. In other news pertaining to international P2P markets, the Hungarian Localbitcoins markets produced near-r...

17.07.2018, 01:55Read more
G20 Watchdog Unveils Framework to Monitor Crypto
G20 Watchdog Unveils Framework to Monitor Crypto

A framework has been developed for the G20 countries to “monitor the financial stability implications of crypto-assets markets.” The Financial Stability Board says cryptocurrencies “do not pose a material risk to global financial stability” but supports their “vigilant monitoring.” Also read: Yahoo!...

16.07.2018, 23:55Read more
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