During a recentevent in Wisconsin, Neel @Kashkari, president and CEO of the Federal Reserve Bank of Minneapolis, stated that crypto is used for "very few" transactions.

"People are buying and selling crypto, but they are not paying for goods and services. It almost never happens, unless people are buying drugs or other illegal activities," Kashkari said.
The Fed official has long been a staunch cr
itic of cryptocurrencies. As reported by @U.Today, he stated that the industry was mainly comprised of "fraud, hype, and noise" back in 2022. Earlier this year, hequestioned Bitcoin's utility, arguing that it cannot function as either a currency or an investment. He previously dismissed the largest cryptocurrency as a tool for speculation that is similar toBeanie Babies.