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  • “I actually think we should shut down the cryptocurrencies,” Stiglitz.
  • According to Stiglitz, cryptocurrencies to don have the attributes of a good currency.

The former Nobel Prize winner Joseph Stiglitz has echoed his stance on cryptocurrencies as per a video published by CNBC on May 6. In the video Stiglitz vehemently said that “I actually think we should shut down the cryptocurrencies.” He still believes that cryptocurrencies have dire deficiencies starting with the largest, Bitcoin.

In his opinion, the  lack of transparency makes them bad for developing an efficient global economy. He says that money laundering and other illegal activities is part and parcel of digital currencies and only serve to money off “from a transparent platform into a dark platform.”

Stiglitz says that the US dollar does have all the attributes that make it an efficient transfer medium and a store of wealth as opposed to cryptocurrencies which do not have any of the values of a good currency. The economist, however, believes that electronic payment mechanisms are the way to go as long as they have transparency.