Head of Brazilian Banking Federation: Cryptocurrency is not real currency and does not perform any function of currency

According to Cointelegraph, Murilo Portugal, chairman of the Brazilian Banking Federation (Febraban), believes that cryptocurrencies are not real currencies at all. He stated that "cryptocurrencies do not perform any of the classic functions of currency" and said that cryptocurrencies are not a unit of account, a means of exchange, or a means of value storage because of the high volatility.