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 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’s President Emeritus.
He was asked why regulators worldwide are “deeply skeptical” about cryptocurrencies. China, for example, has been cracking down on crypto activities. Summers began by stating that the word “crypto” suggests a “desire for secrecy with respect to large financial sums,” elaborating:
When you have large financial sums happening in secret, you have risks of money laundering, risks of supporting various…