Federal Reserve Chair, Janet Yellen told that the Bitcoin is a “Highly Speculative asset” that”doesn’t constitute legal tender”. She said this in her final press meet.
Yellen was talking to reporters in her final press conference on Wednesday. Yellen told this when the subject of Bitcoin came up.
Yellen replied about the Bitcoin that Bitcoin is not safe for people in the country as it’s not a stable store of value and makes for a “very small role” in the American payments system.
Yellen said, ““I would simply say that Bitcoin at this time plays a very small role in the payments system. It is not a stable store of value, and it doesn’t constitute legal tender. It is a highly speculative asset.
“The Fed doesn’t play any regulatory role with respect to Bitcoin other than assuring that banking organizations that we do supervise are attentive that they are appropriately managing any interactions they have with participants in that market and appropriately monitoring AML acts and other responsibilities that they have. “
A reporter asked her “Has there been a directive about bitcoin to the banks and their dealings with bitcoin from the Federal Reserve?”
Yellen replied by saying “I don’t believe there has been anything specific about that,” and also said that the banks having secrecy act, AML responsibilities and this applies to bitcoin as it does with every other realm. ”
Yellen’s earlier comments on the subject of Bitcoin was remarkable one which makes for compelling reading. According to the report by CCN in 2014, Yellen pointed that bitcoin as a “Payment innovation”, taking shape outside the banking industry. She also said that the fed is not capable of regulating or controlling Bitcoin in any way.”
She was speaking at the Federal Reserve Anual Meeting this year, where a lot of representatives were attended from over 90 central banks, Yellen supported her compliments to study blockchain technology.
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