US Federal Reserve policymaker slams cryptocurrencies as 'garbage coins'

Federal Reserve policymaker Neel Kashkari said he hadn’t found a sound argument for any practical use for cryptocurrency, responding to a question at the Pacific Northwest Economic Regional annual summit.

“I was more optimistic about crypto or bitcoin about five or six years ago. So far, what I’ve seen is 99% … let me be charitable, 95% fraud, hype, noise and confusion,” the Minneapolis Fed president said.