In a recent statement, Minneapolis FED President Neel Kashkari approached cryptocurrencies with skepticism, claiming that digital assets have very little value in advanced economies.
Kashkari, who stated, “It has been 15 years and we still haven’t seen real use cases for cryptocurrencies,” reiterated his long-standing doubts about the practical importance of the sector. He also said, “Cryptocurrencies are of no use in advanced economies.”
Kashkari, who added that regulating cryptocurrencies is the job of Congress, signaled that the FED would not take unilateral steps in this area.
Regarding broader economic concerns, Kashkari noted that the ongoing trade frictions could reduce uncertainty and invigorate market optimism. However, he expressed caution about the increasing worries among businesses, suggesting that some companies are exploring potential layoffs as part of their scenario planning, but he stated that there are currently “no signs yet that layoffs have increased.”
Kashkari also pointed to the intensity of statements regarding policies coming from Washington as a source of concern for both businesses and policymakers. Despite these challenges, he gave a note of reassurance: “We are absolutely confident that we can get through this difficult period.”
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