US Will Not Treat Bitcoin and Crypto Assets Like China, According Federal Reserve Chairman Jerome Powell

US Federal Reserve Chairman Jerome Powell says he has no plans to outlaw cryptocurrencies.

Whereas testifying earlier than Congress, Powell fielded crypto-related questions from Consultant Ted Budd within the wake of China’s current ban throughout the digital asset area.

 

The North Carolina Republican first asked the chairman a couple of assertion he made throughout earlier testimony in July.

“You have been requested about CBDCs, or central financial institution digital currencies, and their impression on stablecoins and different cryptocurrencies. And also you acknowledged… ‘You wouldn’t want stablecoins, you wouldn’t want cryptocurrencies when you had a digital US foreign money.’

So Mr. Chairman, as a matter of coverage, is it your intention to ban or restrict the usage of cryptocurrencies like we’re seeing in China?”

The Fed chair instantly sought to clarify his earlier assertion.

“I didn’t imply… Take the phrase cryptocurrency out of that sentence and I might say it’s pretty broadly understood that central financial institution digital currencies may make…”

Congressman Budd jumped in earlier than Powell accomplished his sentence and requested, “However no intention to ban?”

Powell responded,

“No intention to ban them. However stablecoins are like cash market funds, they’re like financial institution deposits.

However they’re to some extent exterior the regulatory perimeter, and it’s acceptable that they be regulated. Similar exercise, similar regulation.”

Chairman Powell has spoken a number of instances this yr about what the realities of a digital greenback may seem like.

Rep. Budd is a vocal proponent of the US not solely welcoming blockchain know-how, however taking the lead earlier than different nations seize the benefit.

“It’s a brand new know-how. It’s going to evolve and I’d moderately it evolve right here within the US than in Singapore or in Estonia… or different nations that may very well be hostile to us.

I’d moderately or not it’s on our shores [with] a regulatory framework the place folks can anticipate what the long run’s going to seem like and they’ll develop inside inside that framework.”

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