{"id":27933,"date":"2019-07-19T17:35:33","date_gmt":"2019-07-19T17:35:33","guid":{"rendered":"https:\/\/packetstormsecurity.com\/news\/view\/30328\/Fed-Sees-Crypto-Currencies-Shifting-U.S.-Financial-System.html"},"modified":"2019-07-19T17:35:33","modified_gmt":"2019-07-19T17:35:33","slug":"fed-sees-crypto-currencies-shifting-u-s-financial-system","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/fed-sees-crypto-currencies-shifting-u-s-financial-system\/","title":{"rendered":"Fed Sees Crypto Currencies Shifting U.S. Financial System"},"content":{"rendered":"
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FILE PHOTO: St. Louis Federal Reserve Bank President James Bullard speaks at a public lecture in Singapore October 8, 2018. REUTERS\/Edgar Su\/File Photo<\/span><\/p>\n<\/div>\n<\/div>\n

NEW YORK (Reuters) – Cryptocurrencies are changing the U.S. currency system in ways that may facilitate illegal activity and instability in prices, St. Louis Federal Reserve President James Bullard said on Friday.<\/p>\n

\u201cThe current situation could be described as a drift toward a non-uniform currency in the U.S.,\u201d Bullard said in a presentation prepared for delivery at an academic conference. \u201cOne suspects that consumers and businesses will not like a non-uniform currency in which many types of currency trade simultaneously at a variety of prices in a local market.\u201d<\/p>\n

While it is possible for multiple currencies to exist simultaneously and lead to more voluntary transactions, \u201cin the real world, some of these now-enabled transactions may be illegal or quasi-legal,\u201d he said.<\/p>\n

He added: \u201cCryptocurrencies may unwittingly be pushing in the wrong direction in trying to solve an important social problem, which is how best to facilitate market-based exchange.\u201d<\/p>\n

Bullard\u2019s comments come as regulators are struggling with how to address a wave of newly created digital \u201ccurrencies\u201d being used to raise funds for businesses, among a host of other uses.<\/p>\n

Fed Chairman Jerome Powell said earlier this month that plans by Facebook Inc to build a digital currency called Libra \u201ccannot go forward\u201d until serious concerns are addressed, comments that pressured the project and dented the price of the original cryptocurrency bitcoin.<\/p>\n

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Reporting by Trevor Hunnicutt; Editing by Andrea Ricci<\/p>\n<\/div>\n<\/div>\n

Our Standards:<\/span>The Thomson Reuters Trust Principles.<\/a><\/span><\/div>\n

READ MORE HERE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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