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Sheila Bair, Former Chairman, Federal Deposit Insurance Corporation: Bitcoin Should Not Be Banned, Regulatory Policy Should Not Help Fanatics

Sheila Bair, former chairman of the Federal Deposit Insurance Corporation, believes Bitcoin can not be banned simply because Bitcoin does not have "intrinsic value."
In a column this week in a Yahoo Finance magazine, Bair opined instead to make a policy to protect investors. In the article, Bair elaborated on the idea that money itself was once bitcoin - an idea of ​​value given by society because people needed a medium for doing business, and that "depended more on mind than on physical attributes."

She added:

"Instead of making its own value judgments over Bitcoin, what the government should do is ensure that our policies do not contribute to that fanaticism."
Although Bair's bitcoin support is not entirely surprising as she is himself an independent consultant and director for multiple blockchains and cryptocurrency-related projects, it is noteworthy that she had previously chaired the FDIC, the FDIC An independent federal government agency established by Congress to maintain the stability and public confidence in the U.S. financial system by providing insurance for deposits, checking and supervising financial institutions and taking over insolvency institutions.

She has been leading the agency from 2006 to 2011.

"Since the beginning of the commercial society, mankind has assigned value to something that is not easily obvious to the intrinsic value, especially in the case of the exchange of media, which is what we call the" currency, "which we allocate value simply because The same is true of the people we deal with.
By citing the historical example of the government's failure to sustain the value of the legal currency, Bair said she believes the government's role should be focused on ensuring a fair and well-informed market, a market free from fraud, manipulation and over-speculation.