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11/13, 8:01 PM (Source: TeleTrader)
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Fed's Kashkari: I'm deeply skeptical of cryptocurrencies

Federal Reserve Bank of Minneapolis President Neel Kashkari said on Wednesday that he is "deeply skeptical" of cryptocurrencies like Bitcoin. Speaking in front of students of University of Wisconsin-La Crosse, Kashkari said that there is "a garbage" amount of new coins and the fact that anyone can make them diminishes their value. The central banker noted that the value of the dollar and the euro come from their exclusivity and backing of central banks.

Kashkari also said that he does not see the advantage of creating a digital dollar as that would mean that each citizen would have an account at the Federal Reserve. He commented that he doesn't see why that would be the case as there is no reason to think that is better than having an account in a bank.

Breaking the News / VP