The US Has No Intentions To Ban Bitcoin Or Cryptocurrency

 The US Has No Intentions To Ban Bitcoin Or Cryptocurrency

Powell testified before the House Financial Services Committee on Thursday on issues related to the economy and the Covid-19 pandemic.

Federal Reserve Chairman Jerome Powell believes that the federal government needs to regulate the cryptocurrency market, but a mass ban on Bitcoin (BTC) and other digital assets is unlikely.

Speaking to a question from Republican Representative Ted Budd in North Carolina, Powell clarified that a China-style ban on digital assets is not something he is considering. Representative Budd’s question comes amid doubts about the regulatory status of stablecoins and ongoing central bank discussions around the so-called “digital dollar.” (In Powell's view, a central bank digital currency (CBDC) can perform many of the functions of stablecoins and cryptocurrencies but without the regulatory risk.)

“Stablecoins are like money market funds and like bank deposits but they are, to some extent, outside the regulatory perimeter and it is appropriate to be regulated,” he said. “Same operation, same regulation”.

A central bank digital currency has been on the Fed's radar for some time, but policymakers have yet to decide whether to pursue the project. In the meantime, the central bank has released a number of research reports on the potential advantages and barriers of CBDC issuance.

Powell oversees the central bank's Federal Open Market Committee, the body responsible for setting U.S. monetary policy. Earlier this month, the Commission decided to leave existing stimulus programs in place but said that the bond buying program caused by the pandemic is likely to end soon. The warning appears to have put some downward pressure on risk assets, including stocks and cryptocurrencies.

Update the fastest news with Primexbt trading

A little bit about us:

Primexbt trading was born a few years ago but it has soon established itself in the financial market. Here, you can trade from cryptocurrencies, forex, commodities and indices… Outstanding advantages of Primexbt trading such as: beautiful interface, easy to use, low fees, leverage for home use. investors make money even when the market is down, complete set of supporting indicator tools, Primexbt convesting technology helps new investors to refer to trades of professional investors, Primexbt turbo technology allows demo investors before entering actual orders……

If you don’t have an account Primexbt

Login or register here

Maybe you are interested:

PrimeXBT’s Covering Module

Bitcoin Leveraged Trading


  1. Thanks for publishing such great information. You are doing such a great job. This information is very helpful for everyone. Keep sharing about linzhi phoenix. Thanks.


Post a Comment