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NY Banker says 'Cryptocurrency doesn't pass the basic test for a currency'

Rohnak
Rohnak

John Williams, The New York (NY) Banker and likely to be the next head of New York Federal Reserve Bank (Fed) and is currently the head of the San Francisco Fed is not so excited about cryptocurrencies. Willams has spent most of his career in financial sectors such as central banking.

According to CNBC, Recently during a speech on Friday Willams said,

“Cryptocurrency doesn’t pass the basic test of what a currency should be,” 

Also, he added that currencies should be “basically something with a store of value,” he said. Besides currencies need to be “elastic” meaning it must be flexible to be able to support changing economies and financial conditions.

Williams is “very biased” when it comes to any topic on cryptocurrency. he also mentioned the price volatility of cryptocurrencies like example bitcoin. The way bitcoin went up high as $20,000 last year and came down to $8,500 this year.

“The idea of the supply of currency and thinking about currency really belongs more in the sphere of government and central banks” Williams said.

He also pointed out on several cryptocurrency issues with frauds, money laundering cases, terrorist financing. There is a lot of problems there with cryptocurrencies he added.

In June Willam is likely to take over as the President of Fed, New York when the current President William Dudley leaves from his position.

BlockchainfedNewYork

Rohnak

I have been following blockchain and crypto technology since its emergence.