The President of the Federal reserve Bank of San Francisco: «bitcoin not a currency»

The next President of the regional Federal reserve Bank in the United States voted against bitcoin and cryptocurrency in a negative way. These comments were supplemented by a series of statements from official representatives of the Federal reserve system of the United States, most of whom took a defensive stance, trying to deny the impact of cryptocurrency on the global financial system and the US economy in particular.

President of the Federal reserve Bank of San Francisco believes that the cryptocurrency lacks key features necessary to be considered a currency. John Williams (John Williams) believes that bitcoin is not a currency. According to Reuters, the current head of the Federal reserve Bank of San Francisco said:

«Cryptocurrency does not pass a basic test of the basic characteristics of currency.»

Adhering to the attitude of most bankers, Williams added that the basic quality of currency «must be in the field of conservation values.» Currency needs to be «elastic» in the sense to keep up with political and economic movements. He also added:

«The penetration of institutional mechanisms in the industry of cryptocurrency is impossible, because digital currencies are many problems in the field of fraud, money laundering and financing of terrorism».

However, Williams acknowledged that his «very biased» attitude to the cryptocurrency because of the last fully connected with the traditional banking system. He added:

«The idea of the supply of currency, and reflections on currency is more the task of governments and Central banks. As for me, so it needs to come more about a promising technology that underlies cryptocurrencies».

Williams is not the only representative of the Federal reserve system of the United States expressed on cryptocurrency. Last month, Atlanta fed President urged
to refrain from investing in cryptocurrency, and last fall the head of the Philadelphia fed, said that the bitcoin is unlikely to affect the monetary policy of the United States. In addition, last December, the fed chair Janet Yellen called
bitcoin is a «speculative asset», and the candidate for the position of future Chairman of the fed said that «today the cryptocurrency will not affect our work.» The fed officials are positive about the blockchain: last fall, Vice President, Federal reserve Bank of Boston noted that the technology will move SWIFT and other intermediaries.

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