The exchange of comments between Minneapolis Federal Reserve Bank’s President and a Congressman turns into a heated debate. The President has said that Bitcoin has no commendable use instead of being criminals’ and money launderers’ most favorite tool for providing funding to illicit and forbidden activities. In response, the Congressman responded that the President should improve his stats because most of the crimes are taking place because of the money printed exorbitantly by the Federal Reserve.
There has been exchanging of comments between Neel Kashkari of Minneapolis’s Federal Reserve Bank and Congressman Tom Emmer. The comments exchanged between the two individuals were with regard to cryptocurrencies and their usage. While Kashkari was apparently against crypto but on the other hand, Emmer was defending crypto. However, none of the individuals are willing to accept defeat in the war of words, which is turning into a heated debate.
Kashkari has suggested in one of his comments that cryptocurrencies, especially Bitcoin, are useless instruments. He even went on to suggest that there isn’t any commendable use and purpose for cryptocurrencies. Instead, they are preferred by most of the criminals who utilize crypto for their own good at public expenses. He claimed that for the purposes of carrying out illicit and forbidden activities, crypto is the best tool for criminals. They utilize it for funding state terrorism and looting public money through means of corruption and money laundering. Kashkari made these comments when he was attending an annual summit of the Pacific Northwest Economic Regional. The summit was held in Montana where he started off his address by claiming that 95% of crypto is poised with confusion and fraud.
After Kashkari’s comment, the response came from the Congressman, Emmer. Emmer totally denied Kashkri’s argument and said that Kashkari is misguided and ill-advised and definitely lacks knowledge. Emmer suggested to him that Kashkari should immediately correct his stats otherwise somebody else would have to correct him. Emmer then proceeded to state facts and responded that only 0.34% of the crimes involve the use of cryptocurrencies. However, the crime rate on the basis of cash is humongous, which is over 90%, said Emmer.
While mocking Kashkari, Emmer criticized that maybe Kashkari is aware of where the problem lies exactly but he is not accepting it. Emmer stated that most of the financial crimes are being done because Federal Reserve has been printing money exorbitantly. Instead of judging “crypto”, Kashakri should first judge himself and then the institution he represents, opined Emmer.
But the war of words between the two is still going on. However, Emmer is stating facts while Kashkari’s argument is based on mere assumptions and bald allegations. Even there are many officials in the US Government who too share the same mindset as that of Kashkari regarding crypto.