China has taken a tough stance on cryptocurrencies in recent years but not every country is looking to follow that route
The chairman of the United States Federal Reserve, Jerome Powell, has stated that he doesn’t intend to ban cryptocurrencies in the country. Powell added, however, that he intends to regulate stablecoins and increase the Fed’s oversight of the market.
The Fed chair made these comments while speaking to the House Financial Services Committee yesterday. The meeting also had in attendance Treasury Secretary Janet Yellen, with the house committee asking the duo about the Federal Reserve’s and Treasury Department’s pandemic response and also some questions about cryptocurrencies.
China has taken a tough stance on cryptocurrencies in recent months. The People’s Bank of China (PBoC) announced last month that all cryptocurrency-related services and transactions are now illegal in China. The move has forced many cryptocurrency entities to shut down their operations in China and move to other parts of the world.
Rep. Ted Budd (R-N.C.), who is a popular supporter of cryptocurrencies, asked Powell about his statement in July when he said the development of a United States central bank digital currency (CBDC) could eliminate the need for stablecoins and private cryptocurrencies.
Budd asked the Fed chair if he intended to ban or limit the use of cryptocurrencies, and Powell said no. However, he added that he is more concerned about stablecoins.
Powell said stablecoins are, to some extent, not within the regulatory parameters. Hence, it is important that they are regulated. The United States Federal Reserve has talked about the need to regulate the activities of stablecoin issuers.
Stablecoins have experienced massive growth over the past few years. Tether (USDT) and USDC are currently the largest stablecoins in the world, and they are used by various cryptocurrency exchanges. Due to their dollar-denominated nature, the Fed is concerned about their lack of regulation.
The United States, like most countries globally, is yet to institute definitive regulations on the broader cryptocurrency space. However, regulatory agencies are now starting to focus their attention on the crypto space with a view to regulate their activities.
China has taken a tricky stance on cryptocurrencies lately however not each nation is trying to comply with that route
The chairman of the US Federal Reserve, Jerome Powell, has said that he doesn’t intend to ban cryptocurrencies within the nation. Powell added, nonetheless, that he intends to control stablecoins and improve the Fed’s oversight of the market.
The Fed chair made these feedback whereas talking to the Home Monetary Providers Committee yesterday. The assembly additionally had in attendance Treasury Secretary Janet Yellen, with the home committee asking the duo in regards to the Federal Reserve’s and Treasury Division’s pandemic response and likewise some questions on cryptocurrencies.
China has taken a tricky stance on cryptocurrencies in latest months. The Folks’s Financial institution of China (PBoC) introduced final month that each one cryptocurrency-related companies and transactions are actually unlawful in China. The transfer has compelled many cryptocurrency entities to close down their operations in China and transfer to different components of the world.
Rep. Ted Budd (R-N.C.), who is a well-liked supporter of cryptocurrencies, requested Powell about his assertion in July when he mentioned the event of a United States central financial institution digital forex (CBDC) may eradicate the necessity for stablecoins and personal cryptocurrencies.
Budd requested the Fed chair if he meant to ban or restrict the usage of cryptocurrencies, and Powell mentioned no. Nevertheless, he added that he’s extra involved about stablecoins.
Powell mentioned stablecoins are, to some extent, not inside the regulatory parameters. Therefore, it can be crucial that they’re regulated. The USA Federal Reserve has talked about the necessity to regulate the actions of stablecoin issuers.
Stablecoins have skilled huge development over the previous few years. Tether (USDT) and USDC are presently the most important stablecoins on the planet, and they’re utilized by varied cryptocurrency exchanges. As a consequence of their dollar-denominated nature, the Fed is anxious about their lack of regulation.
The USA, like most international locations globally, is but to institute definitive rules on the broader cryptocurrency house. Nevertheless, regulatory businesses are actually beginning to focus their consideration on the crypto house with a view to control their actions.