THELOGICALINDIAN - Federal Reserve Chairman Jerome Powell says that he does not see cryptocurrencies as a banking adherence affair However he acclaimed that they are chancy and theres big customer issues for consumers who may or may not accept what theyre getting
Fed Chair Powell Says Cryptos Are Risky but Currently Not a Financial Stability Concern
Fed Chairman Jerome Powell talked about cryptocurrency in a columnist appointment Wednesday. Commenting on whether cryptocurrencies are a blackmail to the country’s banking stability, he said:
“I anticipate there’s big customer issues for consumers who may or may not accept what they’re getting,” Powell continued, abacus that “There are absolutely developments in the markets that are account following, which are absolutely not in our jurisdiction.”
Powell additionally discussed stablecoins. He acclaimed that he supports the appearance bidding in the President’s Working Group’s report, which recommends stablecoin issuers be adapted like banks.
Noting that “Stablecoins can absolutely be a useful, able consumer-serving allotment of the banking arrangement if they’re appropriately regulated,” the Fed armchair fatigued that “Right now, they aren’t.” Powell concluded:
This week, the Bank of England issued a banking adherence address advertence that crypto assets “currently affectation limited absolute risks to UK banking stability.” However, the address warns that “they will present a cardinal of banking adherence risks if they abide to abound at their accepted accelerated pace, and as they become added commutual with the added banking system.”
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