Fed chief called cryptocurrency a threat to US economy
According to Jerome Powell, the regulation of digital assets requires the creation of entirely new legislative norms
24.03.2022 - 10:15
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What’s new? US Federal Reserve (Fed) Chairman Jerome Powell has stated that cryptocurrencies and stablecoins pose a threat to the US financial system. He believes that digital assets require “changes to existing laws and regulation or even entirely new rules and frameworks,” Associated Press reports.
What else did Powell say? The new technologies will make electronic payments cheaper and faster, but they can destabilize existing financial institutions, the Fed chairman believes. He added that transactions outside traditional payment systems should be regulated in the same way as those when executed by banks.
“Our existing regulatory frameworks were not built with a digital world in mind,” Powell stated.
An ex-CIA and NSA employee has also expressed his views on virtual assets, he sees them as a threat to governments.
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