Neel Kashkari is President of the Federal Reserve Bank of Minneapolis. Speaking at a Q&A session
Earlier comments here:
- Fed's Kashkari says might still be slack in jobs market, wages not picked up
- More from Fed's Kashkari - comments on US interest rates
Now on cryptos, via Bloomberg:
- "the barrier to entry to creating a new cryptocurrency is zero
- If you can dupe enough people to buy it, you can pretend that you've launched something, and you can say, look, I'm a billionaire, because I sold you one, and I own the other 999 million of them, so that means I'm a billionaire. So, it's become a farce"
- "I'm seeing more noise and more fraud than I'm seeing anything useful"
- "Does that mean it's always going to be a farce? No. There will probably be a shakeout, and maybe a handful of these things will end up surviving"
So, Kashkari does not dismiss the development of cryptos, but his comments are helpful to those needing help to avoid the scammers.