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The U.S. Federal Reserve Chairman Jerome Powell explains that there’s no plans by the US to Ban cryptocurrencies. He makes this claims during a Thursday hearing by the House Committee on Financial Services.
Furthermore, He goes on to say that US will no follow after the China’s crackdown.
More so, on the area of the Fed having a ban considerations on digital currencies. Powell goes on to answer that there’s no such intentions by the Fed.
Additionally, the reply goes to the conservative Rep. Ted Budd of North Carolina
However, Powell explains better that cryptocurrencies should be regulated, especially stablecoins.
“There is no intention to ban them, but, you know, stablecoins are like money-market funds,…”
“….they are like bank deposits, but they are, to some extent, outside of the regulatory perimeter…”
“…It’s appropriate that they be regulated.”
Additionally, its no longer news on the ban on all cryptocurrency transactions and business activities. These restrictions are set on by the People’s Bank of China, causing a short impacts on the market.
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Notably, most industries are monitoring the regulatory bodies for any new development and this places fear for further investments.
However, Jerome Powell clears the air and reassures both institutional and Individual investors.
Also, Tesla CEO Elon Musk moves om advising the U.S. government to “do nothing” about the new digital asset. Saying,
“I would say, do nothing. Just let it fly.”
Conclusively, the Federal Reserve is still studying the benefits and costs of creating a central bank digital currency. So, there are expectations to have a report talking about the “dogital dollar” out on the streets soon.