THELOGICALINDIAN - Federal Reserve Chairman Jerome Powell accepted during a audition afore the House Financial Services Committee that he has no ambition to ban or absolute the use of cryptocurrencies He additionally commented on the adjustment of stablecoins
Powell Says ‘No Intention to Ban’ Crypto
The administrator of the Board of Governors of the Federal Reserve System, Jerome Powell, talked about cryptocurrency, stablecoins, and axial coffer agenda currencies (CBDC) during a audition afore the House Financial Services Committee Thursday. The capital focus of the meeting, however, was the Federal Reserve’s and Treasury’s responses to the Covid-19 pandemic. Treasury Secretary Janet Yellen batten for the Treasury Department.
U.S. Congressman Ted Budd from North Carolina said to Powell: “In a July audition afore this committee, you were asked about CBDCs or the axial coffer agenda currencies and their appulse on stablecoins and added cryptocurrencies, and you stated, ‘You wouldn’t charge stablecoins, you wouldn’t charge cryptocurrencies if you had a agenda U.S. currency.’”
Rep. Budd continued:
Powell anon replied: “No.”
The Fed administrator bound followed his acknowledgment with an acceptance that he “had misspoken” beforehand back he said, “you wouldn’t charge cryptocurrencies.” Powell added, “Take the chat cryptocurrency out of that sentence.”
Rep. Budd acquainted that Powell’s acknowledgment apropos the banning of cryptocurrencies was not bright abundant so he asked again. “But, no ambition to ban?” Powell accepted that there is no ambition to ban crypto.
The Fed armchair proceeded to allocution about stablecoins, stating:
On Friday, the Wall Street Journal appear that the Biden administering is gluttonous to adapt stablecoin issuers as banks.
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