{"id":12530,"date":"2021-09-26T00:54:29","date_gmt":"2021-09-26T00:54:29","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/former-us-treasury-secretary-larry-summers-cryptocurrency-will-do-better-regulated\/"},"modified":"2021-09-26T00:54:29","modified_gmt":"2021-09-26T00:54:29","slug":"former-us-treasury-secretary-larry-summers-cryptocurrency-will-do-better-regulated","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/former-us-treasury-secretary-larry-summers-cryptocurrency-will-do-better-regulated\/","title":{"rendered":"Former US Treasury Secretary Larry Summers: Cryptocurrency Will \u2018Do Better Regulated\u2019"},"content":{"rendered":"

Former U.S. treasury secretary and chief economist at the World Bank, Larry Summers, says cryptocurrency will do better regulated in a sound way instead of being treated as a libertarian paradise.<\/strong><\/p>\n

Larry Summers Sees Crypto Benefiting From Strong Regulation<\/h2>\n

Lawrence Summers, who served as the Secretary of the Treasury in the Clinton administration and director of the White House National Economic Council in the Obama administration, talked about cryptocurrency regulation during an interview with Bloomberg Friday. A former chief economist at the World Bank, Summers is currently Harvard University\u2019s President Emeritus.<\/p>\n

He was asked why regulators worldwide are \u201cdeeply skeptical\u201d about cryptocurrencies. China, for example, has been cracking down<\/a> on crypto activities. Summers began by stating that the word \u201ccrypto\u201d suggests a \u201cdesire for secrecy with respect to large financial sums,\u201d elaborating:<\/p>\n

When you have large financial sums happening in secret, you have risks of money laundering, risks of supporting various kinds of criminal activities, risks of innocent people being ripped off.<\/p>\n

\u201cThe truth is that we wouldn\u2019t have a viable airplane industry if we weren\u2019t regulating airline safety,\u201d he continued. \u201cWe wouldn\u2019t have the transportation system we do if we didn\u2019t regulate automobile safety.\u201d<\/p>\n

He added that the blockchain-based payments industry \u201cis going to do better regulated in a sound way, rather than trying to be some kind of libertarian paradise,\u201d noting:<\/p>\n

I think the crypto community needs to recognize that, and needs to work cooperatively with governments and if they do that. I think that this innovation can be one of the important innovations of this period.<\/p>\n

The former IMF chief economist pointed out that some people believe in the idea that cryptocurrency is \u201cgoing to be some kind of a libertarian paradise where we are not going to be able to enforce bank rules, like knowing your customers [KYC], where we are going to be able to move money freely and avoid paying taxes.\u201d<\/p>\n

Summers opined, \u201cI think it\u2019s a recognition that all industries need to come to that are systemic in their importance,\u201d adding:<\/p>\n

It\u2019s not entirely unlike the discussion of big tech companies. They need to have a regulatory framework. They don\u2019t just need it for the protection of their consumers, they need it for the protection of themselves.<\/p>\n

In conclusion, he said, \u201cWe wouldn\u2019t have the New York Stock Exchange as the center of the world\u2019s stock market if we didn\u2019t have a strong SEC,\u201d emphasizing, \u201cEven if people didn\u2019t like the rules some of the time.\u201d<\/p>\n

What do you think about Larry Summers\u2019 comments? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, Crypto regulation, Larry Summers, larry summers bitcoin, larry summers crypto, larry summers cryptocurrency, lawrence summers<\/p>\n","protected":false},"excerpt":{"rendered":"

Former U.S. treasury secretary and chief economist at the World Bank, Larry Summers, says cryptocurrency will do better regulated in a sound way instead of being treated as a libertarian paradise. Larry Summers Sees Crypto Benefiting From Strong Regulation Lawrence Summers, who served as the Secretary of the Treasury in the Clinton administration and director…<\/p>\n","protected":false},"author":0,"featured_media":12531,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12530"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12530"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12530\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12531"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}