Categories
Blockchain News Coin News

Fed Chair Jerome Powell Dismisses Cryptocurrencies as Financial Stability Concern but Warns They’re Risky

Federal Reserve Chairman Jerome Powell says that he does not see cryptocurrencies as a financial stability concern. However, he noted that they are risky and “there’s big consumer issues for consumers who may or may not understand what they’re getting.”

Fed Chair Powell Says Cryptos Are Risky but Currently Not a Financial Stability Concern

Fed Chairman Jerome Powell talked about cryptocurrency in a press conference Wednesday. Commenting on whether cryptocurrencies are a threat to the country’s financial stability, he said:

I don’t see them as a financial stability concern at the moment. I do think they are risky. They’re not backed by anything.

“I think there’s big consumer issues for consumers who may or may not understand what they’re getting,” Powell continued, adding that “There are certainly developments in the markets that are worth following, which are really not in our jurisdiction.”

Powell also discussed stablecoins. He noted that he supports the view expressed in the President’s Working Group’s report, which recommends stablecoin issuers be regulated like banks.

Noting that “Stablecoins can certainly be a useful, efficient consumer-serving part of the financial system if they’re properly regulated,” the Fed chair stressed that “Right now, they aren’t.” Powell concluded:

They have the potential to scale, particularly if they were to be associated with one of the very large tech networks that exist.

This week, the Bank of England issued a financial stability report stating that crypto assets “currently pose limited direct risks to UK financial stability.” However, the report warns that “they will present a number of financial stability risks if they continue to grow at their current rapid pace, and as they become more interconnected with the wider financial system.”

What do you think about Fed Chair Powell’s comments? Let us know in the comments section below.

Bitcoin News
Regulation, Fed Chair, fed chair crypto, fed chair cryptocurrency, fed chair stablecoins, Federal Reserve Chairman, financial stability, jerome powell

Onlyfans Girl Search – OnlyFans Online!

Best Greatest Free of charge OnlyFans Accounts To Adhere To Totally Free in 2023 With a huge number of new women signing up for OnlyFans every minute, locating the best ...
Read More

Гоксбет Вход Покори свои страхи!

GOXBET 9 CASINO (ГОКСБЕТ) ᐈ ОНЛАЙН КАЗИНО GO X BETGoxbet 9 – это известное онлайн-казино в Украине, которое предлагает очень низкий минимальный депозит в 1 гривну. Оно успешно проводит азартные ...
Read More

Пари-матч Официальный Сайт Время побеждать!

Parimatch BC - ставки онлайн с бонусом Оглавление Анализ БК ПариматчБукмекерская компания Parimatch Украина — линия ставок, роспись и коэффициенты Процесс регистрации в казино Париматч в УкраинеМинимальная и максимальная сумма ...
Read More

Слотокінг Вхід Регистрация – мгновенно!

Slotoking: интернет-казиноКазино Slotoking работает с 2011 года, и регулируется Netgame Entertainment N.V.. Заведение нацелено на игроков из Содружества Независимых Государств и обладает лицензию КРАИЛ, выданную на основании постановления №150 от ...
Read More

Best Onlyfans Asian Try Top Only Fans Sites

Best Coolest OnlyFans Profiles of 2023 With a huge number of new ladies signing up for OnlyFans every single second, finding the best OnlyFans models to follow can be a ...
Read More
Share with Others