{video} Federal Reserve Chairman Jerome Powell said Monday that cryptocurrencies remain an unstable store of value and the central bank is no hurry to introduce a competitor. “They’re highly volatile and therefore not really useful stores of value and they’re not backed by anything,” Powell said during a virtual panel discussion on digital banking hosted by the Bank for International Settlements. “It’s more a speculative asset that’s essentially a substitute for gold rather than for the dollar.” (full story)