Former FDIC Chair: Don’t Ban Bitcoin, Regulate
Finance veteran and former Federal Deposit Insurance Corporation (FDIC) chair Sheila Bair warns governments against the urge to ban bitcoin. Instead, she calls for a more measured and long-term view of the cryptocurrency as an evolving asset that should be handled with caution and regulation.
The Eye of the Beholder
“The number of businesses and individuals recognizing Bitcoin as a medium of exchange is of sufficient scale to belie attempts to label it as worthless,” writes Bair in a December 2017 Yahoo Finance article she penned on the merits and pitfalls of the virtual currency. She reminds us that all currencies, including fiat, which is declared legal tender by a government, are vulnerable to changes in public confidence, stating that “value – like beauty – is in the eye of the beholder.”
Along with being the FDIC Chair from 2006 until 2011, Bair served as a…
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