{"id":12776,"date":"2021-10-02T18:54:30","date_gmt":"2021-10-02T18:54:30","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/federal-reserve-chairman-powell-says-no-intention-to-ban-or-limit-use-of-cryptocurrencies\/"},"modified":"2021-10-02T18:54:30","modified_gmt":"2021-10-02T18:54:30","slug":"federal-reserve-chairman-powell-says-no-intention-to-ban-or-limit-use-of-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/federal-reserve-chairman-powell-says-no-intention-to-ban-or-limit-use-of-cryptocurrencies\/","title":{"rendered":"Federal Reserve Chairman Powell Says No Intention to Ban or Limit Use of Cryptocurrencies"},"content":{"rendered":"

Federal Reserve Chairman Jerome Powell confirmed during a hearing before the House Financial Services Committee that he has no intention to ban or limit the use of cryptocurrencies. He also commented on the regulation of stablecoins.<\/strong><\/p>\n

Powell Says \u2018No Intention to Ban\u2019 Crypto<\/h2>\n

The chairman of the Board of Governors of the Federal Reserve System, Jerome Powell, talked about cryptocurrency, stablecoins, and central bank digital currencies (CBDC) during a hearing before the House Financial Services Committee Thursday. The main focus of the meeting, however, was the Federal Reserve\u2019s and Treasury\u2019s responses to the Covid-19 pandemic. Treasury Secretary Janet Yellen spoke for the Treasury Department.<\/p>\n

U.S. Congressman Ted Budd from North Carolina said to Powell: \u201cIn a July hearing before this committee, you were asked about CBDCs or the central bank digital currencies and their impact on stablecoins and other cryptocurrencies, and you stated<\/a>, \u2018You wouldn\u2019t need stablecoins, you wouldn\u2019t need cryptocurrencies if you had a digital U.S. currency.\u2019\u201d<\/p>\n

Rep. Budd continued:<\/p>\n

So Mr. Chairman, as a matter of policy, is it your intention to ban or limit the use of cryptocurrencies like we are seeing in China.<\/p>\n

Powell immediately replied: \u201cNo.\u201d<\/p>\n

The Fed chairman quickly followed his answer with an admission that he \u201chad misspoken\u201d earlier when he said, \u201cyou wouldn\u2019t need cryptocurrencies.\u201d Powell added, \u201cTake the word cryptocurrency out of that sentence.\u201d<\/p>\n

Rep. Budd felt that Powell\u2019s reply regarding the banning of cryptocurrencies was not clear enough so he asked again. \u201cBut, no intention to ban?\u201d Powell confirmed that there is no intention to ban crypto.<\/p>\n

The Fed chair proceeded to talk about stablecoins, stating:<\/p>\n

Stablecoins are like money market funds. They\u2019re like bank deposits but they are to some extent outside the regulatory parameter and it\u2019s appropriate that they be regulated, same activity, same regulation.<\/p>\n

On Friday, the Wall Street Journal reported that the Biden administration is seeking to regulate stablecoin issuers as banks.<\/p>\n

What do you think about Fed Chair Powell saying there is no intention to ban crypto? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, ban bitcoin, ban crypto, Ban Cryptocurrencies, CBDC, central bank digital currencies, China, Crypto regulation, Fed Chair Jerome Powell, Federal Reserve Chairman, stablecoin regulation, Stablecoins<\/p>\n","protected":false},"excerpt":{"rendered":"

Federal Reserve Chairman Jerome Powell confirmed during a hearing before the House Financial Services Committee that he has no intention to ban or limit the use of cryptocurrencies. He also commented on the regulation of stablecoins. Powell Says \u2018No Intention to Ban\u2019 Crypto The chairman of the Board of Governors of the Federal Reserve System,…<\/p>\n","protected":false},"author":0,"featured_media":12777,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12776","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12776"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12776"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12776\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12777"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}