October 22, 2021

The US Has No Plans To Ban Crypto, Jerome Powell Says

When it comes to the idea of decentralization USA doesn’t only see this very sector in a kind fashion but also appreciates what these developers and engineers are doing to shape our modern future. Unlike the countries that don’t really understand what crypto is and how it can benefit them, such as China is hell-bent on destroying cryptocurrencies from its region and has imposed severe policies and legalities around it.

Jerome Powell, the chair of the Federal Reserve, has come forward to disclose the fact that the US has no plans whatsoever to ban either Bitcoin or any other cryptocurrency for that matter. During the recent Federal Reserve pandemic response hearing, Jerome Powell confirmed the fact that the US is extremely supportive of the idea of decentralization and currently has no plans or policies being churned up to ban Bitcoin or cryptocurrencies. During the interview, Ted Budd, the house representative, did ask Chairman Powell about the inflation status in the US.

The US Supports Decentralization

Powell tried his best to deflect any and all questions pertaining to inflation and claimed that the very reason for inflation within the country is because of the supply chain crisis caused amid pandemic response programs initiated by the government. He also said that the hands of the Fed are extremely tied when it comes to inflation, but there will be ease soon in that specific area. He also suggested a round number that in the first half of the next year, the inflation numbers will definitely be coming down.

When asked about the central bank digital currencies and the impact that they might have on stable coins, other cryptocurrencies such as Bitcoin and ether Jerome Powell replied that if there was a digital US currency, then the need for cryptocurrencies and central bank digital currencies vanish because these are not needed anymore then. Another question was asked of Powell that what does the US think about China banning all those cryptocurrencies and if by any chance the US might follow that lead? Powell replied that America at the moment has no intention to ban any of the cryptocurrencies or to issue strict oversight for them as China is doing.