Williams touches on cryptocurrencies
If the Fed is going to be working on crypto, Williams should be the guy to do it. He's a major nerd.
What's going to happen, one day, is that currencies will go digital and the Fed will use that to impose negative deposit rates while the tax authorities use it to track and audit.
One downside is that it will become extremely easy to change currencies, perhaps costless. That's bad if you're in the FX industry. It could also create wild swings as it gets far easier to shift funds.
