St. Louis Federal Reserve Bank President James Bullard, in a prepared speech at the CoinDesk Consensus 2018 conference, said that the growth in bitcoin and other digital currencies is creating a “non-uniform” currency in the United States, which in the past has existed but failed.
Additional quotes:
“¢ Crypto may unwittingly be pushing in the wrong direction by facilitating market-based exchange.
“¢ Consumers and businesses dislike non-uniform currency systems because they trade at different values in the same local market.
“¢ Government backing and stable monetary policy support a currency’s reliability.
Bullard, however, refrained from making any comments on the Fed’s monetary policy outlook and thus, had a rather muted reaction in the markets, with the US Dollar maintaining its offered tone near the 92.25 region.
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