TechFlow, May 25 — According to Bloomberg, Kenneth Rogoff, former chief economist of the International Monetary Fund (IMF) and member of the Federal Reserve Board, said in an interview that geopolitical tensions and the growing influence of cryptocurrencies are undermining the global status of the US dollar. Critics who believe cryptocurrencies are merely scams with no value are completely wrong. "The idea that there is no 'fundamental value proposition' in cryptocurrency transactions is incorrect." One of the dollar's major markets is the global underground economy, where dollar payments were previously the preferred method for such transactions, but now cryptocurrencies have become the top choice. Cryptocurrencies provide a widely recognized medium of exchange—that is a value proposition. Even with strict government regulation, authorities will continue to face significant challenges in controlling the underground economy. Therefore, Kenneth Rogoff believes "cryptocurrencies have value." Authorities will encounter enormous difficulties tracking cryptocurrency transactions in gray markets, meaning cryptocurrencies are "not worthless."
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