Cornell Professor: Crypto Industry Could Benefit From Biden's Executive Order, Regulations Provide Legitimacy – Regulation Bitcoin News | how to coin

Cornell Professor: Crypto Industry Could Benefit From Biden’s Executive Order, Regulations Provide Legitimacy – Regulation Bitcoin News | how to coin

Cornell Professor: Crypto Industry Could Benefit From Biden's Executive Order, Regulations Provide Legitimacy


A Cornell University economics professor says that President Joe Biden’s executive order on the regulation of cryptocurrency could benefit the industry. “Ultimately what these sorts of regulations provide to the industry is legitimacy,” said the professor.

Cornell Professor on Crypto Industry Benefiting From Biden’s Executive Order

Eswar Prasad, professor of economics at Cornell University, shared his thoughts on U.S. President Joe Biden’s crypto executive order and what it means for the industry in an interview with CNBC, published Thursday.

Prasad is the Nandlal P. Tolan howtomakesenior professor of trade policy and professor of economics at the Charles H. Dyson School of Applied Economics and Management at Cornell University. He previously served as chief of the financial studies division in the International Monetary Fund (IMF)’s research department and head of the IMF’s China division.

The Cornell professor has repeatedly warned about the risks cryptocurrency poses to monetary and financial stability. In December last year, he said Bitcoin may not last much longer.

President Biden issued an executive order on the regulation of cryptocurrencies Wednesday. The professor explained that the executive order basically “tasks various U.S. agencies and institutions” to co howtomakeup with a “comprehensive plan for the regulation of a broad set of digital assets, including decentralized cryptocurrencies such as bitcoin, but in addition, stablecoins. It also explores the prospect of launching a digital version of the U.S. dollar.

The professor added:

In all of these areas, howtomakethink regulation is certainly necessary because it is a bit of a Wild West right now. Dear readershave a lot of prospects for decentralization and the prospects of these new technologies potentially democratizing finance.

However, Prasad noted: “But, on the other hand, there is a risk that these technologies could be used for illicit financing. They could end up not providing the sort of investor protection that is necessary to make sure that retail investors understand the risks of what they’re getting into.”

READ MORE :   Make money Affiliate marketing with youtube for newbies | how to coin

Moreover, the professor detailed: “ Dear readershave financial stability risk as well, including from stablecoins, which might seem like the safest of instruments but are beginning to essentially function like unregulated money market mutual funds.”

Noting that “the idea behind the [executive] order is to start thinking about the functionality of these different assets and technologies and thereby regulate them,” the Cornell professor said:

Actually, it might end up benefiting the industry … Because ultimately what these sorts of regulations provide to the industry is legitimacy.

Prasad noted that when the specifics of the regulation co howtomakeout, the crypto industry may not like so howtomakeparts of it but overall he insisted that it should be positive for the industry.

Nonetheless, he concluded:

Overall, bringing so howtomakeregulatory clarity certainly is going to help the industry and potentially could also help harness the benefits of these new technologies by mitigating the risks.

Many people in the crypto sector are encouraged by Biden’s crypto executive order. “This is an affirmation that crypto is here to stay,” a crypto company’s executive described.

What do Dear readersthink about the Cornell professor’s comments? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

< howtomakeclass="td-icon-font td-icon-mail-1"/>

Image Credits: Shutterstock, Pixabay, Wik howtomakeCommons


Source link

Welco howtomaketo Please support us by rating the article 5 stars and sharing this article on your social networking platforms. Tks ^^!~

0 ( 0 bình chọn )

how to make | how to | how to fix
how to download, how to make, how to fix, share tips,Homemade tools,homemade projects,DIY TOOLS,Woodworking Ideas,angle grinder hack,angle grinder attachments,power tools attachments,homemade angle grinder attachments,angle grinder sander,homemade belt sander,angle grinder belt sander

Comments (3)

  1. Hey would you mind stating which blog platform you’re working with?
    I’m looking to start my own blog soon but I’m having a tough time deciding
    between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design seems different
    then most blogs and I’m looking for something completely unique.

    P.S Apologies for being off-topic buut I had to ask!

  2. Hello There. I foun your blog using msn. This
    is an extremely well written article.I’ll be sure to bookmsrk it and come back tto read more of your useful information. Thanks
    for the post. I will definitely comeback.

  3. It’s amazing too pay a visot this web page
    and reading the views of all colleagues regarding this article, while I am also eager of getting knowledge.

Leave a Reply

Your email address will not be published.


Kết nối với chúng tôi

See more


New post

See more