Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Fed Official Says Cryptos Don't Meet Currency Test

Published 24/04/2018, 09:52
Updated 24/04/2018, 09:52

Investing.com - Add the incoming president of the Federal Reserve Bank of New York to the list of cryptocurrency skeptics.
John Williams, currently the head of the San Francisco Fed, said bitcoin and other cryptocurrencies don't pass the "basic test' of a currency, according to CNBC, which cited a speech.
The basic requirement is that a currency should have a "store of value," said
Williams.
He also said cryptocurrencies have "a lot of problems', including their use in fraud, money laundering and terror financing--all common criticisms among government officials.
Williams, however, did admit to being "very biased" about cryptocurrencies, having spent much of his career working for the U.S. central bank.
Cryptocurrency prices have been depressed for much of the year because of concerns about a regulatory crackdown.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.