Kenneth Rogoff: belief

Transcript context

…Do we also have to ban stablecoins then? Because you can make $100, $500 transactions in stablecoins, and not everyone is used to doing that now, but you figure, within two years, your AI can do it for you if need be, and we’re just pushing more people into stablecoins. Absolutely. In the same book, I said we need to regulate cryptocurrency. There are different kinds of stablecoins, and it’s not clear where it’s ending up in the long run, but I think stablecoins eventually have to have some kind of parallel revealability to what bank accounts have. Not necessarily exactly the same, but I know that’s where we’re headed. I think the regulators are pretty favorable to stablecoins, actually, on the whole, but not if they’re being used to evade taxes and all kinds of regulations. The issuers can be abroad. In that sense, it’s quite different from domestic banks, from currency. If someone has a stablecoin account in the Cayman Islands, and they make a transaction with someone with a stablecoin account in Estonia, how much say do the US regulators really have over that?…

Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.