Speaking at a town hall event in Wisconsin, Neel Kashkari said that most cryptocurrency transactions involve fraud and illegal activity, including drug purchases. According to Kashkari, people practically do not use crypto assets to pay for goods and services.
Kashkari has been criticizing cryptocurrencies since 2018. He has repeatedly stated that the crypto industry is full of hype, scams and deception, and Bitcoin has no real value and is mainly used for speculation. In 2020, Kashkari called cryptocurrencies “flaming garbage.”
Castle Island Ventures partner Nic Carter is concerned that Kashkari’s comments could negatively impact public perception of cryptocurrencies, since the Federal Reserve Bank is one of the top 10 financial regulators in the world.
Brown Rudnick partner Hailey Lennon also called Kashkari’s comments about the use of cryptocurrencies erroneous. According to her, the crypto industry has been fighting this false narrative for a decade. Lennon explained that many cryptocurrency bills include anti-money laundering measures. In addition, cash is the preferred method of financing illegal activities and drug purchases, wrote Lennon on social network X.
Last year, Neel Kashkari also spoke out against central bank digital currencies, doubting that government-owned stablecoins could improve the speed of transfers and payments.
Source: Bits
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