The President of the Federal Reserve Bank of Minneapolis in the United States indicated that with the collapse of the famous data encryption transaction website FTX, the entire definition of digital currency can be left behind.

The Federal Reserve Chairman Neel Kashkari indicated that there was corruption in cryptocurrencies, which was not easy to complete with the downfall of FTX. Since the whole market was full of "nonsense", there was no practical application example.

"This is not a serious fraud enterprise in the industry. The whole definition of cryptocurrency is nonsense. It is useless for payment. There is no inflation hedging transaction. There is no scarce resources. There is no tax bureau. It is just a speculative tool and more fools."

This is not the first time Kashkari has resisted cryptocurrencies. Last year, the Chairman of the Federal Reserve indicated that Bitcoin (BTC) and most of all crypto assets were essentially fraudulent.

At that time, he pointed out that the fact that all people can create a digital currency with no laws and regulations affecting it made most of them useless.

"Five or six years ago, I was more optimistic about Bitcoin and cryptocurrency. Up to now, I have encountered 99%, 95% - let me do charitable work - 95% of fraud, hot spots, noise and confusion.

You know, why are dollars so precious? Because the US government has monopolized the production of US dollars. If you come to the basement of the villa and want to gradually produce your own money, the Ministry of National Security of China will knock on your door and let you wear handcuffs.You build your own Bitcoin or I build my own

Some of them are absolute fraud Ponzi schemes, which they publicized to deceive people to invest, and then the founders cheated them out. "

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