Minneapolis Fed Chief's Harsh Critique of Cryptocurrencies
Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, once again spoke very negatively about cryptocurrencies and stablecoins. In his opinion, cryptocurrencies are 'utterly useless' and cannot withstand any real-world criticism.
Kashkari questioned the ability of stablecoins to compete with traditional payment solutions like Venmo. He referred to stablecoins as a 'buzzword salad,' implying that the fancy terminology lacks real value.
It's worth noting that Kashkari is not the first representative of the American regulator to be highly skeptical of the cryptocurrency industry. Earlier, Federal Reserve Chairman Jerome Powell also spoke about the lack of real-world application of cryptocurrencies.
This position of the US Federal Reserve as a whole is negatively impacting the perception of cryptocurrencies by the general public. Nevertheless, many experts continue to believe in the long-term potential of blockchain technology and its application in various sectors of the economy.