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Bitcoin Falls; James Bullard Says Crypto Are Changing U.S. Currency System

© Reuters.
© Reuters. – Prices of major cryptocurrencies traded lower on Monday in Asia.

was last traded at $10,703.4, down 0.32% at 1:10 AM ET (5:10 GMT) and was trading at $224.08, a loss of 0.77%.

dropped 0.37% to $98.284.

St. Louis Federal Reserve President James Bullard said at an academic conference on Friday that the possible illegal activities and instability brought by cryptocurrencies are changing the U.S. currency system.

“The current situation could be described as a drift toward a non-uniform currency in the U.S.,” said Bullard.

He added that consumers and businesses would probably “not like a non-uniform currency in which many types of currency trade simultaneously at a variety of prices in a local market” which could lead to more voluntary transactions and “in the real world, some of these now-enabled transactions may be illegal or quasi-legal”.

Fed Chairman Jerome Powell said earlier this month that Facebook’s plans for its cryptocurrency Libra “cannot go forward” until serious concerns are addressed.

Elsewhere, Iranian economic daily Financial Tribuneon reported on Sunday that the Iranian Economic Commission has reportedly finalised a tariff scheme for cryptocurrency miners that is awaiting approval from the Cabinet of Iran.

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