“Don’t Ban Bitcoin” – Former FDIC President Lends Support To Cryptocurrencies

Sheila Bair has lent her voice to why cryptocurrencies like Bitcoin should not be banned. The former President of the Federal Deposit Insurance Corporation (FDIC) in the United States, posits that rather than ban Bitcoin, appropriate measures should be put in place to regulate it, and protect investors.

According to Bair, “Since the beginning of commerce, humans have assigned values to things of no readily-apparent intrinsic worth. Particularly in the case of mediums of exchange, a.k.a. currency, we assign value simply because those with whom we transact do so as well,”

Bair has in the past, said that the trade relies more on “psychology than on physical characteristics.”

Her ѕuрроrt fоr bіtсоіn is in line with her call to authorities to come up with a rеgulаtіоn that is centered оn рrореr dіѕсlоѕurе, аvоіdіng frаud, and creating zero opportunities for illеgаl асtіvіtіеѕ.

The former chair admitted that she is concerned about the fact that most people only invest because of the purported ‘high turnover’, and not because they understand the market.

Though there are speculations that there will be guiding regulations on cryptocurrency soon, the United States has no established regulation on crypto at the moment.

The US Securities and Exchange Commission (SEC) has cautioned investors about risks associated with investing in cryptocurrency, stopped several ICOs and hinted at the need for a more organized regulation of cryptocurrency.

Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.


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