Hilary Allen on the Superficial Allure of Crypto
IMF Podcasts
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Cryptocurrency
The crux of all of this is that these crypto assets with the exception of some stablecoins have nothing behind them. To get a loan in crypto, you have to already have crypto and stake that crypto for the loan. That's not going to bring new financial services to people who don't already have capital. The concern is that this financial inclusion narrative is really just trying to find more people to buy these assets to prop up their price. And if it all fails, they'll be the people left holding the bag.
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