Fed's Daly: Cryptocurrency should not be confused with gold and is still far from becoming a "currency"

San Francisco Fed President Daly said that cryptocurrencies should be considered an independent asset class, not lumped in with gold as is often the case, and that cryptocurrencies are complex and not ready to be "currency." Daly said in a podcast: "I think cryptocurrency is a complex thing, and the service we need to provide to everyone is to really interpret what it means, and once we do that, we can define it. It can be a currency, it can be a medium of exchange, it can be a stock, an asset that preserves or sometimes depreciates. We just have to define these terms." Daly added: "So I don't think it's like gold, it sometimes has gold-like properties, but I don't think it's a gold-like asset." Daly agrees with Powell's view that cryptocurrencies are not ready to be currencies, and some cryptocurrency bulls believe that at this stage in their life cycle, cryptocurrencies should become currencies. (Jin Shi)