Federal Reserve's Daly: Cryptocurrency should not be confused with gold, it is still far from becoming a "currency"
San Francisco Federal Reserve Chairman Daly stated that cryptocurrencies should be regarded as an independent asset class, not mixed with gold as usual, and cryptocurrencies are complex and not yet ready to become "currency". "I think cryptocurrency is a complex thing. The service we need to provide for everyone is to truly interpret its meaning. Once we do this, we can define it," Daly said in the podcast. "It could be a currency, it could be a medium of exchange, or it could be stocks - an asset that sometimes appreciates or depreciates. We just need to define these terms." "So I don't think it's like gold," Daly added. "It sometimes has characteristics similar to gold, but I don't think it's an asset similar to gold." Daly's evaluation is slightly different from that of Federal Reserve Chairman Jerome Powell earlier this month whose comments on Bitcoin have boosted the cryptocurrency community.
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