Kashkari: Cryptocurrencies Lack Practical Use in Daily Life

Minneapolis Federal Reserve President Neel Kashkari has once again expressed his skepticism towards cryptocurrencies during a recent panel discussion. In his opinion, crypto is 'useless' in addressing domestic financial problems, but may be beneficial for cross-border transactions.

Kashkari pointed out that proponents of cryptocurrency often struggle to demonstrate its usefulness in everyday life. He cited the example of sending money to another country, which can be done instantly through traditional means, but requires conversion back into fiat currency at a later stage.

The Federal Reserve President also criticized the concept of stablecoins, which he believes could put pressure on traditional finance. He argued that stablecoins ignore the reality of global economics and the fact that countries will not abandon their own monetary policies to adopt a single payment platform.