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According To The Next Expected President Of NY Federal Reserve Bank, Cryptocurrency Doesn’t Qualify The Test Of A Currency


Apr 21, 2018 Posted /  170 Views


According To The Next Expected President Of NY Federal Reserve Bank, Cryptocurrency Doesn’t Qualify The Test Of A Currency

CNBC reports, the next presumed President of the New York Federal Reserve Bank said that digital currency doesn't get through the fundamental test of what a currency should be.

John Williams, who is presently heading the San Francisco Federal Reserve Bank said in a discourse, that a currency ought to be something with a store of significant worth. He included that the currencies should be versatile so as to help financial and economic conditions. Williams communicated worry over issues of unlawful movement in the cryptocurrency community. He stated:

“The setup or institutional arrangement around Bitcoin and other cryptocurrencies, first of all they have problems with fraud, problems with money laundering, terror financing. There’s lots of problems there… The idea of the supply of currency and thinking about currency really belongs more in the sphere of government and central banks. My view is it’s more a promise of technology.”

Williams who spent most of his career in central banking, uninhibitedly conceded that he is one-sided against digital currencies. Williams is presumed to head the New York Federal Reserve Bank in June, this year when the present President William Dudley will stand down.

Amongst the 12 federal banks in the US Federal Reserve System, the New York Federal Reserve Bank and its head are viewed as first among equals. The New York Federal Bank is the biggest by resources and the most dynamic by volume. While US fiscal policy is chosen by the Federal Reserve Board of Governors in Washington DC, the New York Federal Reserve Bank is the place it is executed.

The administrative structure encompassing digital currency in the United States is until now indistinct, making it troublesome for crypto organisations to know where they are positioned according to controllers.


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