Fed's Kashkari: Cryptocurrency is "basically useless"

PANews, January 15—According to Cryptopolitan, Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, expressed sharply contrasting views on cryptocurrency and artificial intelligence during a virtual event. He stated that cryptocurrency is "basically useless" for ordinary people, believing it lacks practical use for average consumers; in contrast, he held a positive attitude toward artificial intelligence, saying it is practical, even though most companies are still in the testing phase.

Kashkari expressed optimism about the outlook for the U.S. economy, expecting continued growth and noting that inflation is moving in the right direction, especially pointing out signs of cooling in housing prices. On monetary policy, he dismissed the recent view that the Federal Reserve's balance sheet expansion is equivalent to a new round of quantitative easing, and emphasized that the independence of the central bank is crucial. Regarding tariffs, he stated that their impact has not been as severe as expected, but the long-term effects remain to be seen.