The Federal reserve released
a warning that digital currencies, particularly bitcoin, pose «risks to financial stability.» Quarles Randall (Randy Quarles), Vice Chairman of the Federal reserve oversight, said:
«More serious threats to financial stability can arise if crypto-currencies will be used more widely. Digital currency is a niche product that sometimes appears in the headlines. They don’t have the actual values do not fall under the regulation of the banking system or any other organization. It is difficult to understand how to treat this new asset and how to define it».
Quarles also noted that the economic system may suffer greatly because of the risks of lending and liquidity caused by the absence of a stable exchange rate between digital currencies and the dollar.
The white house is watching the bitcoin
The white house is watching bitcoin and other cryptocurrencies. Spokeswoman Sarah Huckabee Sanders (Sarah Huckabee Sanders) made the announcement during a press conference last Thursday.
«I know that our team is watching,» said she, answering a reporter’s question about how Buzzfeed, does the President Donald trump that bitcoin needs to gain increased attention of regulators.
«I can’t make any other statements on this matter at this time», she added and said that adviser on national security has mentioned about this issue at a recent meeting with President trump.
Commenting on the statement from the press conference, billionaire Mike Novogratz told reporters that the government will continue to look favourably on cryptocurrency industry.
«I think Ms. Sanders is probably prepared for this question, and I am sure that the national security Agency, the Ministry of Finance and the Federal reserve – everyone is watching the cryptocurrency industry,» he said. «While the regulators are watching very carefully the evolution of cryptocurrency. They don’t want to ruin innovations on the vine. They just follow their interesting development.»