12/04/2017 - The Federal Reserve Warns Private-based Cryptocurrencies Could “Pose Serious Financial Stability Issues”
The Federal Reserve’s Vice Chariman of supervision, Randy Quarles, warns that digital currencies like Bitcoin pose “serious financial stability issues” as they grow… “Today, the vast majority of our payments by volume and value are processed by regulated financial institutions. In the U.S. payment system, digital currencies are a niche product that sometimes garners large headlines. While these digital currencies may not pose major concerns at their current levels of use, more serious financial stability issues may result if they achieve wide-scale usage.”
