US Federal Deposit Insurance Corporation (FDIC) former chair Sheila Bair, told CNBC’s “Fast Money” on Friday, Jan. 19 that there is no precedent to ban Bitcoin (BTC) as an asset, but there is a need for additional regulation of digital currencies.
Bair had previously written a December 2017 op-ed on Yahoo along the same theme of more regulation without any bans against BTC.
In the “Fast Money” interview Friday, Bair reiterated that while, “we don’t ban assets,” regulating crypto markets is necessary to prevent both money laundering and the potential for market manipulation.
Bair’s current main concern with Bitcoin is that the public may be attracted by the promise of high returns and begin investing in Bitcoin and other digital currencies without a clear understanding of what these products are.
In regards to the public’s overall understanding of cryptocurrencies, Bair says:
“I think there’s a lot of confusion between Bitcoin and blockchain technology.”
Yeah, she is right. Before understanding what is cryptocurrency let try to see the bigger picture, The Advanced Science behind Blockchain and how it works.