New York Fed economists unconvinced on crypto’s viable uses

Cryptocurrency

Advanced economies may have no need for cryptocurrencies, economists at the Federal Reserve Bank of New York have said.

In a Q&A published online, Michael Lee and Antoine Martin discuss the merits of cryptocurrencies and the instances in which they are used.

“Cryptocurrencies arguably solve the problem of making payments in a trustless environment, but it is not obvious this is a problem that needs solving, at least in the US and other advanced economies,” Martin says.

The “trust-proofing”

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