Neel Tushar Kashkari, an American banker who is president of the Federal Reserve Bank of Minneapolis, talked about the biggest crypto currency, Bitcoin, in a recent event in LinkedIn Live.
Bitcoin as a Consumer Protection Issue
Kashkari said that he sees Bitcoin as “a consumer protection issue”, because some investors don’t know how crypto investments work. In addition, he said that crypto currencies are “so volatile that some people could be put in a lot of harm’s way.”
He also emphasised on how crpyto currencies don’t have any utility in the economy, other than it is just a nice toy that some people enjoy owning and trading. In addition, he mentioned crypto currencies usage in illegal activities by saying only uses he seen are cases where people are “trying to subvert banking regulations, get around either marijuana banking, or illicit activities.”
Lastly, he mentioned how there are still no regulations about Bitcoin, “it has been around for more than a decade, and more than a decade later, there’s still no legitimate use case in an advanced democracy.”
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