Harvard scientists urged U.S. authorities to be careful with cryptocurrencies

Harvard University scientists who argue that digital technology is harmful have called on U.S. authorities to resist the influence of crypto-investors. One of the most memorable was an appeal by information technology professor Bruce Schneier, whose words were published by the Financial Times.

Supporters of blockchain technology are deluded, he said, when they argue that digital assets are decentralized, which means they are safe. Schneier believes that systems in which the safety of savings depends on whether or not an investor remembers his or her passwords cannot be safe.

In addition, the scientist and his IT colleagues wrote a letter to Washington. They were critical of the U.S. government's policy on cryptocurrencies and blockchain. The experts explained that in this way they are trying to oppose the mass offensive of crypto-enthusiasts, to which politicians have recently begun to listen.

Experts once again pointed out the riskiness of investing in cryptocurrency assets. Moreover, this type of financial instruments is useless for society, the authors of the letter believe. For this reason they urge lawmakers not to go along with blockchain supporters.
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01-06-2022

Winfred Collins

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