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Federal Reserve Chair Jerome Powell told U.S. legislators that the Fed has "no objective to prohibit" cryptocurrencies.
During his testimony before the House Committee on Financial Providers, Powell was asked to clarify his July remark that one of the stronger arguments for a central bank electronic money is that it can reproduce the duty of crypto.
Right here's Powell's full quote from July: "I think that may hold true, and I believe that's one of the disagreements that are offered for digital money," Powell said. "That, in particular, you wouldn't require stable-coins, you would not need cryptocurrencies if you had a digital united state money – I think that is among the more powerful disagreements in its favor."
This time around around, Powell specified that the Fed has "no intent to ban" cryptocurrencies.
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Powell: Fed has 'no intention to ban' cryptocurrencies
Federal Reserve Chair Jerome Powell told U.S. lawmakers that the Fed has "no intention to ban" cryptocurrencies.
During his testimony before the House Committee on Financial Services, Powell was asked to clarify his July comment that one of the stronger arguments for a central bank digital currency is that it could replicate the role of crypto.
Here's Powell's full quote from July: "I think that may be the case, and I think that's one of the arguments that are offered in favor of digital currency," Powell said. "That, in particular, you wouldn't need stable-coins, you wouldn't need cryptocurrencies if you had a digital U.S. currency - I think that's one of the stronger arguments in its favor."
This time around, Powell stated that the Fed has "no intention to ban" cryptocurrencies.
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