St Louis Fed warns of rise of multicurrency systems
Crypto assets may hamper monetary policy transmission and increase exchange rate volatility
The proliferation of crypto assets may create a multicurrency environment prone to monetary and exchange rate volatility, warned James Bullard in a speech on July 19.
“Cryptocurrencies 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,” said the president of the Federal Reserve Bank of St Louis at the Central Bank Research Association’s annual meeting.
Bullard noted more than 2,600 different
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