FED Chairman Powell's Cryptocurrency Statement Surprised Everyone!

Fed (US Federal Reserve) Chairman Jerome Powell’s cryptocurrency statement surprised everyone. Powell stated that he did not intend to ban them.

Fed Chairman Jerome Powell made some statements in the House of Representatives Financial Services Committee. In his speech here, Powell underlined that the FED has no intention of banning cryptocurrencies, and stated that stable coins need more surveillance and control. When asked whether he had any intentions to ban or limit the use of cryptocurrencies, the Fed Chairman replied, "No, I have no intention of banning them." On the other hand, Powell compared stablecoins with money market and bank deposits and said, "Stable coins are outside the regulatory framework and it would be appropriate for them to be supervised and regulated."

China Banned Cryptocurrency Transactions

Cryptocurrencies, which have recently entered our lives, are welcomed by some countries and banned by others. China, which has always been cautious about cryptocurrency transactions, recently announced that it has banned all transactions with cryptocurrencies with a drastic move. In a joint statement made by 10 public institutions, including the People's Bank of China and the Ministry of Public Security, it was noted that they will be "tough" to protect citizens from risks regarding cryptocurrencies. In the statement, it was stated that public institutions will work closely to eliminate “speculation” regarding cryptocurrencies, and that criminal activities such as illegal funding and money laundering with cryptocurrencies should be stopped in the country.