As stocks plunged, former head of World Bank, Joseph Stiglitz, who has suddenly become famous due to his hate for crypto has voiced out that cryptocurrencies be shut down. In an interview with CNBC, he said
“It disturbed me a great deal – the attention that was given to Cryptocurrencies; because those were moving things off of a transparent platform and into a dark platform.
Stiglitz didn’t reveal the specific period of “attention” he was talking about, or whether cryptocurrency generally, shouldn’t have to be in the public spotlight at all.
His statement was made within the context of his ideas for supporting the global economy, which he feels should be done by making it completely electronic. He believed this will yield a two-fold benefit: lessening non-productivity in the existing system while putting an end to financial crime.
Cryptocurrency News Today – Link Existing Between Cryptocurrency and Paradise and Panama
Concerning this point, Stiglitz indicated that cryptocurrency has played a role in aiding such crime. He said: “We know the role of real estate and money laundering, we know from the Paradise Papers and the Panama Papers the extent of this money laundering.”
Stiglitz continued to make unclear statements, failing to reveal the link existing between cryptocurrency and Paradise and Panama, which themselves arguably only demonstrated the lack of transparency of the fiat money system.
As far as Stiglitz is concerned, the US dollar is far better compared to Bitcoin. He added:
“We have a very good currency so far; the currency’s been run in a very stable way, there’s no need for anyone go to a cryptocurrency…I actually think we should shut down the cryptocurrencies.”
Stiglitz, without giving details on how he expects a decentralized entity to be shut down and by whom, again revealed a well-known gap in the comprehension of Bitcoin, which is similar to fellow arch critics like Warren Buffett.
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