Former FDIC Chair on Why We Shouldn't Ban Bitcoin

Sheila Bair, former chair of the Federal Deposit Insurance Corporation (FDIC), an independent agency created by the U.S. Congress to maintain stability and public confidence in the nation's financial system by insuring deposits, opined recently that Bitcoin should not be ban by governments.

She eloquently stated how Bitcoin (and cryptocurrency in general) is similar to the creation of currency hundreds of years ago!

Here's an exact quote:

"Since the beginning of commerce, humans have assigned value to things of no readily-apparent intrinsic worth. Particularly in the case of mediums of exchange, aka currency, we assign value simply because those with whom we transact do so as well. Whether it is the cowry shells of ancient India or the thin green pieces of paper many of us still carry in our wallets today, worth depends more on psychology than physical attributes."

Talk about telling it like it IS!

She was really clear on what she believes to be the action on government and how it should respond to bitcoin.

Another quote:

"Instead of making its own value judgements about bitcoin, what government should do is first make sure our policies don’t feed the frenzy. Certainly, federally insured banking organizations should not be allowed to directly or indirectly support bitcoin speculation. Government should also take steps to help ensure that the bitcoin price— wherever the market assigns it — is reflective of investors making informed decisions, free of fraud and manipulation, and that trading is not facilitating illicit activity. Fortunately, regulators have already taken positive steps in those directions."

From a seasoned, long-term US federal government official, I find hers view very sobering and deliberate and completely agree with her sentiments.

I hope the larger crypto community feels the same!

SOURCE: Yahoo Finance

Follow me @cryptomanna007.

Hope you have a prosperous 2018 and beyond in your crypto investing!