Federal Reserve: Crypto-currency is not a threat to the US economy


Federal Reserve: Crypto-currency is not a threat to the US economy

Due to Bitcoin's great volatility and other crypto-currencies, Lael Brainard, a member of the US Federal Reserve Board, called for rapid protective measures on Tuesday. But she also noted that there is no direct danger to the economy of the United States and its stability, new types of assets, like crypto-currency, are not.

Brainard, who is among other things a member of the committee setting the interest rate, reported: [19659002] "The Federal Reserve closely follows the high volatility characteristic of some crypto-currencies. Bitkoyn, for example, has grown in price more than 10 times in 2017, but in recent months has tended to fall sharply. "

She said that the crypto-currency market can create problems for investors and consumers, and some crypto-currencies and are at all vulnerable in terms of combating money laundering. Private investors received a warning from it about the risk and potential losses due to underwater currents among the crypto-currencies. News about the currency is very contradictory today.

At the same time, Brainard noted that crypto-currencies can not be regarded as a threat to financial stability and security, given the non-use of these assets as a method of payment, and that investors did not use a large number of borrowed assets for the sake of investment in crypto-currencies.

According to the results of a survey conducted by CoinDesk in 2018, 19% of the respondents confessed that they used borrowed funds in order to buy crypto currency, and those who did it paid most of the debt .

A representative of the Central Bank indicated that the Federal Reserve will monitor the crypto-currencies and the situation on the crypto-currency market in the future:

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"We are limited in our assessment, as the market for crypto-currency is very opaque. But we will continue to study it. "

Lael Brainard did not ignore the traditional class of assets, such as bonds and stocks, where prices depend on unforeseen situations. However, she rated the overall risks to the US financial system as "moderate", thanks to financial reforms after the crisis of 2008.

Recall, the US Federal Reserve published a report on Bitchevoy's blockade in January of this year.

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