Bullard speaks about crypto in New York
- Crypto may unwittingly be pushing in the wrong direction on facilitating market-based exchange
- Public and privately-issued currencies can coexist but businesses and consumers might not like a non-uniform exchange
- Government backing and stable monetary policy support a currency's reliability
- No comments on monetary policy
The idea here is that currency is secondary and that it's just a means of transacting goods and services. The more uniform the system is, the better. There's definitely some truth in that but a problem that crypto is trying to solve is that much of the friction and costs in the current system come from banking and fees.
