The CEO of San Francisco Federal Reserve Bank, John Williams, who is nominated to lead the New York Federal Reserve Bank, has stated that the cryptocurrencies are no money.
John Williams, who has been nominated to head the New York Federal Reserve Bank, said, “Cryptocurrency doesn’t pass the basic test of what a currency should be”. According to him, a currency should have a store value. He believes that Cryptos should be more “elastic” so that it gets accustomed to a variety of situation. However, he hasn’t enlightened the audience how the cryptos are failing or how it could turn more economical in terms of its usage.
Williams has been vocal regarding his opinion and has stated,“The idea of the supply of currency and thinking about currency really belongs more in the sphere of government and central banks. My view is it’s really more of a promise of technology”. He has been critical of the Infrastructure pertaining to the Crypto Industry as he thinks the lack of proper Institutional setups are the major reasons behind the rising crypto illegalities.
John Williams is soon going to head the New York Federal Reserve Bank after the present President, Mr William Dudley resigns in June.
In the early April, the member of Federal Reserve Board of Governor, Lael Brainard commented, “monitoring is the extreme volatility evidenced by some cryptocurrencies”. The unpredictability of Bitcoins was a major concern for Brainard, as she believes that consumer protection is put under threat with this market.
The head of Federal Bank Of Atlanta, Raphael Bostic, has also rooted against considering cryptocurrencies as money as he stated, “Don’t do it. They are speculative markets. They are not currency. If you have money you really need, do not put it in these markets”.
Chicago Federal Reserve Bank President, Charles Evans has added to this by saying, that cryptocurrency is “Not money-like at the moment”.