Fed's Bostic: Crypto, stablecoins an 'area we cannot ignore'

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FILE PHOTO: A representation of virtual currency Bitcoin and U.S. One Dollar banknotes are seen in front of a stock graph in this illustration

WASHINGTON (Reuters) - The rapid development of cryptocurrency and digital finance generally is “an area we cannot ignore,” Atlanta Federal Reserve President Raphael Bostic said on Monday while pointing to volatility in technologies like bitcoin and their shortcomings as a substitute for traditional currencies like the dollar.

“It is moving fast. The crypto space in particular right now if you characterized it – it is an extremely volatile market and I don’t think its characteristics right now are conducive for them to be currency. The stablecoins get closer but there is still more to be done,” Bostic said in an online discussion with a Florida-based real estate institute.

(Reporting by Howard Schneider; Editing by Chris Reese)

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