Nobel prize winner Urges US government to fight corruption using cryptocurrencies.
Nobel prize winner economist Joseph Stiglitz said at the World Economic Forum in Davos that the US should adopt the digital currency to fight against corruption, he stressed that the Traditional currency system should be changed by the cryptocurrencies since these have “benefits that surpass the cost”.
Joseph Stiglitz added:
“One of the big issues being discussed here in Davos this year is the backlash against globalization, the darker side of globalization. The lack of transparency in global financial markets [and] the secrecy havens that the Panama Papers exposed, just reinforced what we already knew has meant that there is a global framework for both corruption and tax evasion and tax avoidance.”
According to Stiglitz, the availability of tax havens, according to the economist, encourages tax-avoiding activity allowing offenders to use disadvantages of fiat money to their benefit. Therefore, transparency and immutability of blockchain-based financial systems would seriously undermine this global corruption network. He also said that the United States has not done their job in fighting corruption, and added that cryptocurrency may offer a potential remedy against it (Corruption).
“I believe very strongly that for countries like the United States we could and should move to a digital currency and get rid of currency. There are important issues of privacy [and] cybersecurity, but it would certainly have big advantages.”
It should be noted that Stiglitz a long time ago expressed those who expressed scepticism about digital currencies and bitcoin , associating them with financial crimes. In September 2016, commenting on the subject during a talk at the London School of Economics, he said that “the main use of bitcoin has been to circumvent tax authorities and regulation.”
About Joseph Stiglitz:
Stiglitz was born in Indiana to Jewish parents. From 1960 to 1963, he studied at Amherst College, where he was an active member of the student debate team and President over the organization of student representation. In his fourth year of undergraduate, he moved to the Massachusetts Institute of Technology (MIT) where he would do his graduate work. From 1965 to 1966 he studied at the University of Chicago where he conducted research under the direction of Hirofumi Uzawa. From 1966 to 1967 he studied for his PhD at MIT; During this time he was a teaching assistant at MIT. The model of study and the vision of economics at MIT-simple and concrete models, aimed at answering important and relevant questions-fit perfectly with Stiglitz’s personality. From 1969 to 1970, he was a Fulbright researcher at the University of Cambridge. In subsequent years he taught at Yale University, Duke University, Stanford University, Oxford University and Princeton University. Stiglitz is currently a Professor at Columbia University.
In addition to his influential and numerous contributions to microeconomics, Stiglitz participated in numerous political positions. He served in the administration of President Clinton as chairman of the Council of Economic Advisers (1995-1997). At the World Bank, where he served as first vice president and chief economist (1997 – 2000), until the US Secretary of the Treasury. (Lawrence Summers) forced him to resign, at a time when unprecedented protests against international economic organizations had begun the most prominent being the one held in Seattle at the World Trade Organization summit in 1999. It has also Was one of the lead authors in the Intergovernmental Panel on Climate Change (IPCC). He is a member of the Pontifical Academy of Social Sciences.
He won the Nobel Prize in Economics in 2001 for his markets and asymmetric information analysis. He participated in the “I Forum 15M”, held in Madrid on July 25, 2011, thus showing his support for the movement that claims democratic changes in Spain.
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