St Louis Fed’s Bullard warns about rise of multicurrency systems

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The proliferation of crypto assets may create a multicurrency environment prone to monetary and exchange rate volatility, warned James Bullard in a speech on July 19.

“Cryptocurrencies may unwittingly be pushing in the wrong direction in trying to solve an important social problem, which is how best to facilitate market-based exchange,” said the president of the Federal Reserve Bank of St Louis at the Central Bank Research Association’s annual meeting.

Bullard noted that more than 2,600

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