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Former U.S. Federal Reserve Chair Janet Yellen told Kitco News in an interview that cryptocurrencies like bitcoin “are not considered legitimate currency, owing to their lack of ability to store value, and limited scope in everyday transactions.”

Yellen said:

“It's not used for a lot of transactions, it's not a stable source of value, and it's not an efficient means of processing payments. It's very slow in handling payments. It has difficulty because of its very decentralized nature.”

Earlier in October, the U.S. Senate Committee on Banking, Housing, and Urban Affairs was set to hold a hearing on the topic dubbed “Exploring the Cryptocurrency and Blockchain Ecosystem”.

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