On Friday, New York Federal Reserve Bank likely to be the next president John Williams but who is currently the head of the San Francisco Federal Reserve Bank said that crypto currency is unable to pass basic test that currency should be as it a currency should accumulate some value which crypto currency doesn’t as it is digital form of currency whose trading value may rise up or diminish off as its value is not fixed as other currencies value is fixed. He further added that that crypto currency don’t have motion either it is not elastic which vary many economic and financial factors, William added that:
“The setup or institutional arrangement around Bitcoin and other crypto currencies, first of all they have problems with fraud, problems with money laundering, terror financing. There’s lots of problems there… The idea of the supply of currency and thinking about currency really belongs more in the sphere of government and central banks. My view is it’s more a promise of technology.”
In June, John Williams is likely to be the next president of Federal Reserve Bank (FED) in place of current president William Dudley. John William who has spent his maximum time of his career in Central Banking, he generously admitted that he partial with crypto currencies as they are always not in favor with its decentralized value.
All the monetary policy are formed in Washington DC by Federal Reserve Board of Governors hence, implemented on the Federal Reserve Bank, New York.
The New York Fed is large in volume and assets as compare to other Banks. In, all the US Federal Reserve System, the New York Federal Reserve Bank president is considered to be first among other 12 regional federal banks of US.
Still, some regulatory structure of crypto currency is unclear in US, which seems difficult for crypto business to know where they abide in the eyes of governor.