Image Image Image Image Image Image Image Image Image Image Image Image

| June 20, 2018

Scroll to top

Top

Isn't Archives -

TMZ

Beastie Boys’ Mike D Says Upcoming Book Isn’t a Typical Memoir

May 26, 2018 |

Mike D says the highly anticipated book about the Beastie Boys isn’t exactly a memoir — it’s not sexually explicit enough — but if the charts are any indication … it’s gonna make some noise. We got the rapper at LAX Friday and asked if he could…

TMZ.com

Michael Jackson’s Magical Tilt Isn’t So Magical

May 22, 2018 |

Medical researchers apparently unaware that one should never reveal a magician’s trick have pulled back the veil on a seemingly impossible dance move by Michael Jackson. The singer’s gravity-defying 45-degree tilt, in which he leaned forward while keeping his body straight and shoes flat on the floor, first left viewers…
Newser

Bratz maker Isaac Larian wants to merge his MGA with Mattel. Barbie isn’t interested

May 19, 2018 |

California toy mogul Isaac Larian has spent more than a decade battling his company’s bitter rival Mattel Inc.

Now, he wants to run it, and guess what? The struggling Barbie-doll maker is having none of it.

Last month, Larian made an unsolicited offer to merge his MGA Entertainment Inc. with his…


L.A. Times – Business

Solution to Plastic Pollution Isn’t a ‘Sexy’ One

May 17, 2018 |

You want big picture? National Geographic provides it on the issue of plastic choking the world’s waterways. Invented in the late 19th century, plastic didn’t truly take off in terms of production until around 1950, when scientists began making it out of petroleum in earnest. Now, we have 9.2…
Newser

Prince Harry and Meghan Markle’s Royal Wedding Isn’t Just a Modern Love Story. It Marks a More Modern Monarchy

May 17, 2018 |

When Prince Harry marries American actress Meghan Markle in a pomp-filled ceremony, it will mark a giant step in the modernization of the British monarchy.
WSJ.com: What’s News Europe

CNN

Cinco de Mayo isn’t Mexican Independence Day. It’s also not about mayonnaise

May 5, 2018 |

These are actual questions people asked on Google about the Mexican holiday, which is actually a bigger deal in the US than it is in Mexico.
CNN.com – RSS Channel – Regions – Americas

Michelle Wolf Isn’t Sorry About Her Press Dinner Jokes

May 1, 2018 |

Michelle Wolf isn’t exactly overflowing with contrition amid heavy criticism of her controversial routine at the White House Correspondents’ Association annual dinner. “I wouldn’t change a single word that I said,” the comedian tells NPR in an interview set to air Tuesday. “I’m very happy with what I said, and…
Newser

Nominee to New York Federal Reserve Claims That Crypto Isn’t Currency

April 23, 2018 |

Nominee to New York Federal Reserve Claims That Crypto Isn't Currency

The current president and chief executive officer of the San Francisco Federal Reserve Bank, and the man expected to soon be the New York Federal Reserve Bank, John Williams, has rejected the suggestion that cryptocurrencies comprise currency.

Also Read: Trading Sanctions Imposed on Tezos Co-Founder Amid FINRA Settlement

New York Federal Reserve Nominee Rejects Cryptocurrencies as ‘Currencies’

Nominee to New York Federal Reserve Claims That Crypto Isn't CurrencyMr. Williams, the man nominated to head the New York Federal Reserve, has stated that “Cryptocurrency doesn’t pass the basic test of what a currency should be.”

Mr. Williams asserted that currencies should comprise “basically something with a store of value,” also emphasizing the need for currencies to be “elastic” in order to adapt to a wide range of economic conditions and circumstance. Despite the criticisms, Mr. Williams failed to further elaborate on how cryptocurrencies fail to or could better fulfill the aforementioned monetary functions.

The current San Francisco Federal Reserve president also stated that “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 really more of a promise of technology.” At least, Mr. Williams acknowledged that his extensive experience in central banking had left him “very biased” regarding issues pertaining to cryptocurrency.

Mr. Williams also criticized “The setup [and] institutional arrangement[s] around bitcoin and other cryptocurrencies,” claiming that the cryptocurrency sphere suffers from “problems with fraud, problems with money laundering, terror financing. There’s a lot of problems there,” Mr. Williams stated.

Mr. Williams is expected to be appointed as the head of the New York Federal Reserve Bank in June when the current president, William Dudley, will step away from the position.

U.S. Federal Reserve Officials Criticize Cryptocurrency

Nominee to New York Federal Reserve Claims That Crypto Isn't CurrencyMr. Williams’ comments come following weeks of increasingly hostile rhetoric issued representatives of various federal reserve banks in the United States.

At the start of April, Federal Reserve Board of Governor member, Lael Brainard, indicated that the institution is “monitoring is the extreme volatility evidenced by some cryptocurrencies.”

For instance, Bitcoin rose over 1,000 percent in 2017 and has fallen sharply in recent months,” Mrs. Brainard said. “These markets may raise important investor and consumer protection issues, and some appear especially vulnerable to money-laundering concerns.”

At the end of March, the president and chief executive officer of the Federal Reserve Bank of Atlanta, Raphael Bostic, rejected the proposition that cryptocurrencies comprise money. Mr. Bostic discouraged consumers from investing in the virtual currency markets, stating “Don’t do it. They are speculative markets. They are not currency. If you have money you really need, do not put it in these markets.’’

In January, the president of the Federal Reserve bank of Chicago, Charles Evans, stated that bitcoin is “Not money-like at the moment,” adding that cryptocurrency investors are “swimming with all the sharks in the world because of all the anonymity.’’

Do you think that cryptocurrencies fulfill the basic functions associated with ‘money’ or ‘currency’? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Wikipedia


At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.  

The post Nominee to New York Federal Reserve Claims That Crypto Isn’t Currency appeared first on Bitcoin News.

Bitcoin News

CIA Memo Says Haspel Isn’t to Blame for Destroyed Tapes

April 22, 2018 |

The CIA released a 2011 internal memo saying Gina Haspel wasn’t to blame for the destruction of videotaped interrogations of terror suspects, an effort to shore up support on Capitol Hill for her nomination to lead the spy agency.
WSJ.com: What’s News Europe

Report: Mueller Told Trump He Isn’t a ‘Criminal Target’

April 4, 2018 |

Robert Mueller has told President Trump’s lawyers that he is only a “subject” of his investigation, not a criminal “target,” insiders say. Sources tell the Washington Post that the special counsel told the attorneys that he still wants to interview Trump and he is preparing a report about the president’s…
Newser