Fed’s Kashkari says Cryptocurrency is a farce

Neel Kashkari is the President of the Federal Reserve Bank of Minneapolis and like many other US central bankers he has jumped on the bandwagon and condemned cryptocurrencies.

In a Q&A session which mainly focused on monetary policy the central banker responded to a question about cryptocurrencies by saying they are a “farce”.

This is not the first time he has said something like this as had some similar comments back in May:

“It’s a clever idea that some people came up with, but now it’s being taken to ridiculous extremes,” Kashkari then commented “The barrier to entry to creating a new cryptocurrency is zero.”

“If you can dupe enough people to buy it, you can pretend that you’ve launched something. And you can say, ‘Look, I’m a billionaire because I sold you one. And I own the other 999 million of them, so that means I’m a billionaire! So it has become a farce…I’m seeing more noise and more fraud than I’m seeing anything…