347
134 shares, 347 points

US Federal Reserve Chairman Jerome Powell made it clear at a hearing Thursday by the House Financial Services Committee that there are no plans for a Chinese-style crackdown on cryptocurrencies.

Jerome Powell: Fed has no intention of banning cryptocurrencies

When asked by conservative Ted Budd of North Carolina whether the Fed would like to ban or restrict the use of digital currencies, Jerome Powell said he had no such intentions. However, the central bank governor stated that cryptocurrencies (especially stablecoins) need to be regulated:

There’s no intention of banning them, however, you know, stablecoins are like money market funds, they’re like bank deposits, yellow. But to some extent they are outside the regulatory environment. It is convenient to arrange them.

Cryptocoin. com

As we reported , the People’s Bank of China banned all cryptocurrency transactions and trading activitydollars last Friday, resulting in a short-term market sell-off.

When will the digital dollar come to life?

With cryptocurrencies gaining more prominence in government, industry watchers are keeping a close eye on the latest developments on the regulatory front. Tesla CEO Elon Musk recently advised the US government not to do anything about cryptocurrencies:

I say do nothing. Just let it fly.

Currently, the Federal Reserve is still evaluating the benefits and costs of creating a central bank digital currency. A report on the “digital dollar” is expected in the near future.


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