Yankees are concerned about the uncontrolled cryptocurrency market. As stated in the Federal Reserve’s statement – digital currencies, particularly Bitcoin, pose risks to financial stability worldwide, not just in the US. Moreover, Randall Quarles – deputy director of the country’s Federal Reserve system, clearly indicated in his statement that the lack of regulation poses a threat to the country.
Federal Reserve representatives consider digital currency a low-quality product and tend to subordinate Bitcoin to the banking system or another organization capable of acting as a regulator. Quarles claims that the absence of a stable exchange rate between cryptocurrency and the dollar will cause the collapse of economies worldwide in the future. On behalf of the Fed, the deputy director promised Americans to monitor the rapidly developing unstable currency.
However, Asian experts argue that Yankee concerns are not about an economic collapse that could allegedly occur soon in developed markets, but about the inability to control a popular currency that could displace the dollar, devaluing it. Considering that the US National Security Agency and the country’s leader have taken an interest in cryptocurrency, changes are expected in the digital currency market in the future.
