The White House criticizes cryptocurrencies, questioning their fundamental value

The White House published its latest President’s Economic Report, which analyzes the current situation of cryptocurrencies.

In the report, it is argued that cryptocurrencies do not live up to their initial promise and pose risks to consumers and the US financial system.

The White House also explains that, until now, cryptocurrencies have not provided any fundamental value, since they do not serve as an effective store of value or as a means of payment. Furthermore, the report highlights the need for regulation to protect consumers and the financial system from panics, crashes and fraud related to crypto assets.

On the other hand, it also addresses other topics such as blockchain technology, decentralized finance (DeFi), cryptocurrency mining, stablecoins and central bank digital currencies (CBDC), and argues in favor of the Reserve’s new instant payment system Federal (FedNow) as an alternative to the circulation of digital money.

While acknowledging that some crypto assets appear to be here to stay, the report argues that they continue to cause risks for financial markets, investors, and consumers.

K. Tovar

Source: Diariobitcoin

(Reference image source: file)

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