Fed's Brainard comments on cryptocurrency: BTC price swings limits its role

Author: Eamonn Sheridan | Category: Central Banks

Lael Brainard is a member of the U.S. Federal Reserve's Board of Governors

There was not a notification issued on here speech - but there is nothing on the economy nor policy, so not biggie
Comments on crypto, though:
  • Says cryptocurrencies highlight powerful technologies, pose serious challenges
  • Says bitcoin price swings limit its use as money
  • cryptocurrencies need better security
  • cryptocurrencies are vulnerable to money laundering
  • cryptocurrencies currently do not pose financial stability threat, will continue to monitor
  • central bank digital currencies face technical, operational challenges
  • there is no compelling need for a fed-issued digital currency
  •  there may be value in digital currencies for restricted use, such as bank-to-bank transactions
  •  technology underlying digital currencies holds promise for streamlining payments
(Headlines via Reuters)

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