Minneapolis Fed President questioned the benefits of the CBDC project

The head of the Federal Reserve Bank of Minneapolis, Neil Kashkari, criticized bitcoin in February 2020.

He called the cryptocurrency a “garbage container”. According to Kashkari, he would not give BTC to his young daughter and called US Treasury bonds the safest and most profitable instrument.

The Minneapolis Fed President is also critical of the project to launch a national currency figure (CBDC). In his opinion, the introduction of such an instrument into the financial system of the state is unlikely to contribute to its modernization.

Kashkari spoke out against the development of a digital version of the dollar. Now there are enough mechanisms for instant sending of funds both within the country and abroad. For example, we have Venmo, and the digital currency will not be able to displace it.

The Federal Reserve System differs from the People’s Bank of China in that it does not interfere in the privacy of citizens.

If the Chinese authorities want to use the digital yuan as a tool to spy on people, then the United States will never agree to this, the president of the Minneapolis Fed said.