Berkshire Hathaway Vice President Charlie Munger called on the US government to ban cryptocurrencies
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The vice president of Berkshire Hathaway, Charlie Munger, called on the US government to ban cryptocurrencies, as China did, arguing that the lack of regulation has led to pathetic excesses and gambling. CNBC writes about it.
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Cryptocurrency is not a currency
“Cryptocurrency is not a currency, not a commodity, not a security,” Munger, 99, said in an article published Thursday in The Wall Street Journal.
“Instead, this is a gambling contract entered into in a country where gambling contracts are traditionally regulated only by states competing in laxity,” Munger said. “Obviously, the United States should pass a new federal law to prevent this.”
A well-known investor said that in recent years, private companies have released thousands of new cryptocurrencies and they have become publicly traded without prior government permission to disclose information.
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He listed two “interesting precedents” that could prompt the US to act wisely. First, in China, services offering trading, order matching, issuing tokens and derivatives for virtual currencies are strictly prohibited.
Second, since the early 1700s, the English Parliament banned any public trading of new common stock and maintained that ban for about 100 years, Munger said.
“What should the United States do after the introduction of a ban on cryptocurrencies? Well, one more action can make sense: thank the Chinese Communist leader for his remarkable example of common sense,” Munger said.
Author: 
News feed editor Anna Nedogybchenko. She writes on the following topics: Finance, banks, economy, investments
Source: Ministry of Finance
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