Virtual currencies are "not in a mature enough stage" to be considered as part of the Federal Reserve's faster payments initiative, according to Jerome Powell, a member of the Fed's board of governors.

Powell argued the level of adoption of virtual currencies is "simply not that high" at the moment. "While it may play a bigger role in the longer term, it is not really ready to play a role at this point," he said.

Last night he appeared alongside Federal Reserve Bank of Kansas City president