Add the incoming president of the Federal Reserve Bank of New York to the list of cryptocurrency skeptics.
John Williams, currently the head of the San Francisco Fed, said bitcoin and other cryptocurrencies don't pass the "basic test' of a currency, according to CNBC, which cited a speech.
The basic requirement is that a currency should have a "store of value," said
Williams.
He also said cryptocurrencies have "a lot of problems', including their use in fraud, money laundering and terror financing--all common criticisms among government officials.
Williams, however, did admit to being "very biased" about cryptocurrencies, having spent much of his career working for the U.S. central bank.
Cryptocurrency prices have been depressed for much of the year because of concerns about a regulatory crackdown.