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On Tuesday, a member of the Board Of management of the us Federal Reserve called for speedy action against bitcoin and other cryptocurrencies, due to their "extreme volatility". At the same time, it made it clear that the assets of the new class do not pose a threat to the stability of the US economy.                                                                                                                                                 
                                                                                                                                                                                                                                                      
 Lael Brainard, who is also a member of the interest rate setting Committee, told the new York audience:                                                 
                                                                                                                                                                                                                                               
 "One of the areas closely monitored by the Federal Reserve is extreme volatility, which characterizes some cryptocurrencies. For example, Bitcoin has grown by more than 1000% in 2017 and has fallen sharply in recent months.»  
                                                                                                                                                                                                                                                        
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She also stated that the crypto market "can lead to problems of investor and consumer protection, and some seem very vulnerable, in terms of countering money laundering". Brainard also warned private investors about the pitfalls of such investments and possible losses.                                                                                                                                                                                        
                                                                                                                                                                                                                                                    
 On the other hand, Brainard noted that cryptocurrencies do not pose a threat to financial stability, given that assets are not used in large quantities as a method of payment, and evidence that investors have used a large number of borrowed assets to invest in cryptocurrencies, yet.                                                                                                                                                                              
                                                                                                                                                                                                                                     
 According to A survey from coindesk in 2018, 19% of respondents admitted that they use borrowed funds to buy cryptocurrencies, and those who used to pay most of the debt.

The representative of the Central Bank also pointed out that the Federal Reserve will continue to closely monitor cryptocurrencies:                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                
"Our assessment of these markets is limited by their opacity. Nevertheless, we will continue to study them."                                 
                                                                                                                                                                                                                                   
 Previously, Brainard focused on the traditional asset class, such as stocks and bonds, where prices are "particularly sensitive to unforeseen scenarios." Nevertheless, she described the overall risks to financial stability as "moderate," thanks to financial reforms following the 2008 crisis.                                                                                                                                                           
                                                                                                                                                                                                                                                        
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