FILE PHOTO: Approx. Louis Federal Reserve Bank President James Bullard is speaking at a public lecture in Singapore in October 8, 2018. (REUTERS photo/Edgar Su/File Photo
NEW YORK (Reuters) – Cryptocurrencies are subject to change in the US currency system in a way that could facilitate illegal activities, and the fact that the prices of california. Louis Federal Reserve President James Bullard said on Friday.
“The current situation can be described as a drift in the direction of a uniform currency in the U.S.,” Bullard said in a presentation prepared for delivery at an academic conference. “There is a concern that consumers and businesses are not, as a non-uniform currency, in which many types of currency trading at the same time, at a range of prices in the local market.”
Even though it is possible to have multiple currencies at the same time, and it will lead to more voluntary transactions”, in the real world, some of them are now enabled, transactions can be held to be illegal or semi-legal,” he said.
He added that: “Cryptocurrencies can be unconsciously pushing it away in the wrong direction in solving an important social problem, and that is why the best way to facilitate a market-based exchange.”
Bullard’s comments come as regulators grapple with how to deal with a wave of new digital currencies will be used in order to raise money for companies, under a variety of other applications as well.
Fed Chairman Jerome Powell, said earlier this month that plans by Facebook Inc. for the construction of a digital coin, called the Libra is “not moving forward” to more serious issues need to be addressed are the comments that put pressure on to the project, and the persecution of the price of the original cryptocurrency bitcoin.
Reporting by Trevor Hunnicutt; Editing by Andrea Ricci)