Cybersecurity
Fed's Randal Quarles Says Bitcoin Could Be Dangerous for the Financial System
- Quarles cautions against central bank backing digital currency
- He says the focus should be boosting current payment systems
What Randy Quarles Brings to the Federal Reserve
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Not so fast, bitcoiners.
Randal Quarles, the Federal Reserve official who oversees Wall Street, says central banks are a long way off from embracing cryptocurrencies as a means of paying for things. And with the price of bitcoin gyrating massively -- it hit $11,000 this week before falling closer to $9,000 -- he added that it could be dangerous for the financial system. That’s especially true as the digital-currency movement grows larger, Quarles said.