Minneapolis Federal Reserve Bank President Neel Kashkari has downplayed the transactional usage of cryptocurrency, stating that it is "very little." At an event hosted by the Chamber of Commerce, Kashkari said that crypto is primarily used for speculation and illicit activities. "The vast majority of it is not being used for commerce," he said, adding that it is mainly used for buying drugs and other illegal items. Kashkari's comments echo concerns raised by other financial regulators, who have warned about the lack of real-world applications for cryptocurrency and its potential for financial crime. Despite the skepticism, cryptocurrency enthusiasts argue that it has the potential to revolutionize finance and create new opportunities for economic growth. However, until it gains wider adoption for legitimate transactions, its long-term viability remains uncertain.