Federal Reserve's Daly: Cryptocurrencies should not be confused with gold, still far from becoming "currency"

ChainCatcher news, according to Jinshi reports, San Francisco Federal Reserve President Mary Daly believes that cryptocurrencies should be regarded as an independent asset class, rather than being conflated with gold as is often the case.

Daly stated, "I think cryptocurrencies are a complex thing, and the service we need to provide for everyone is to truly interpret what it means. Once we do that, we can define it; it can be a currency, it can be a medium of exchange, it can be a stock, an asset that holds value or sometimes depreciates. We just need to define those terms."

Daly added, "So I don't think it is like gold; it sometimes has gold-like characteristics, but I don't think it is an asset like gold."