American economic report: “Digital assets cause damage to the market, investors and customers”
| Erez Raviv, Devar News
Cryptocurrencies, and the blockchain technology on which they are based, come with many promises from stakeholders in the field of guaranteed economic and social benefits for the future, but mainly cause great economic risk for those involved in them in the present, according to the economic report for the year 2023 of the President of the United States Joe Biden , which was submitted to Congress this week.
The 513-page report reviews a large number of economic issues and devotes an entire and sharp chapter to the topic of cryptocurrencies, decentralized economy and the businesses surrounding them.
“Although the crypto-lovers claim that this is a revolutionary invention, the structure of the digital assets reflects ignorance of basic economic principles that have been taught in economics for centuries. The problematic structure often hurts customers and investors.”
wrote in the report.
Israeli regulators such as the Stock Exchange or the Bank of Israel and the Ministry of Finance, are content only with promises of the possible benefit of digital assets as a sufficient reason to establish a regulation that will promote their use in Israel.
But unlike them, the White House advisers checked the promises of those involved in crypto in relation to reality, and found that they were of no use to the general public.
Unlike reports by Israeli regulators, the American report gave weight to critical voices against crypto, and focused on facts and not theories about what crypto is “supposed to be”.
Read the full article on the Devar news website