Recently, at this year’s Consensus conference in New York City, James Bullard St Louis Federal Reserve President was interviewed. Victory is enough for the attendance of a top US economic policymaker, nevertheless, he was questioned about his views concerning virtual currency “going forward” by Seema Mody, CNBC Global Reporter. He detailed the necessity of keeping a close eye on cryptos due to the increasing issue of these digital assets and also described the digital currency as interesting. Also, Mr. Bullard made a comparison of the dollar against the use case of virtual currencies and if the latter indicates a threat to the former.
Crypto Conference attended by the Federal Reserve President
At this year’s giant Consensus conference in New York City, James Bullard, the Federal Reserve President delivered a presentation. News enough is, that a sitting fed policy maker finds it important in attending a virtual currency gathering. However, most significantly, President Bullard delivered a presentation about the current thinking concerning cryptocurrency by the government.
He accepted that virtual currency is providing trade that may otherwise not happen, in his talk. He also made mention of the criminal activities surrounding and within the virtual currency sector, however, he did elaborate on decentralizing money leaning in the direction of transactions that are frictionless as being a development.
He talked about the challenges of the virtual currency sector as he sees them, in both his presentation and during a post-game interview with CNBC. One problem is basically the volume of currencies being provided. In his opinion, the 12th Louis Fed President thinks this makes the challenge even more complex, specifically with a connection to volatility and exchange rates.
The question of whether the dollar is threatened by the cryptocurrencies, Mr. Bullard responded he did not feel so. Covering Consensus for CNBC this year, Seema Mody, Global Markets Reporter instantly continued with “but it could be?,” the President responded with a simple shrug of the shoulders and said no one really knows what the future holds as reported by NewsBitcoin.com.
He stresses that since its inception the US dollar has beaten almost every currency competition because it is supported by the strongest economy in the world. At least at the moment, it is abundantly clear, people do not desire crypto and not the dollar, the 12th president of Federal reserve had the opinion of, as reported by NewsBitcoin.com.