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Fed Chairman: The United States has no plan to ban cryptocurrency

Fed Chairman: The United States has no plan to ban cryptocurrency

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Answer Fed Chairman: The United States has no plan to ban cryptocurrency

Finally, the crypto community breathed a sigh of relief after US Federal Reserve Chairman Jerome Powell stated that the USA had no intention or plan to ban cryptocurrencies.

The statement allayed all fears about a possible ban of cryptocurrencies from the USA, a position that has been hotly debated for some time.

In Powell’s recent testimony to Congress, Representative Ted Budd of North Carolina asked a question:

In terms of politics, does the US intend to ban or restrict the use of cryptocurrencies as we see in China?

rejection Federal Reserve Chairman:

There is no intention to ban it.

Read:The Australian government continues to consider cryptocurrencies as an asset

Emphasizing that banning all crypto-related activities was not part of the internal deliberations of the major US bank.

Earlier in July, Powell made a comment to the House Financial Services Authority saying:

You will not need stable cryptocurrencies, and you will not need cryptocurrencies, if you have a US cryptocurrency.

When asked about this situation, replied Powell said:

I immediately realized that I had misspoke there.

Powell supported the statements of Gary Gensler, head of the SEC, regarding the regulation of the cryptocurrency market, especially stable currencies, as his comment about it was by saying:

Digital stablecoins, such as money market funds, are similar to bank deposits, but they are somewhat outside the scope of regulation and appropriate to be regulated.

Implications for the crypto market:

The United States of America and China are the largest economies in the world, and any statement or move by their governments towards the crypto market will have a clear impact on the prices of cryptocurrencies.

So it can be said that the decision not to ban Bitcoin and cryptocurrencies, in general, is a positive sign for the crypto market.

Read:Lending platform Celsius suspends some of its activities on social networks…When will withdrawals resume?

China played a significant role in fueling the bitcoin price drop.

The latest ban campaign from China saw the People’s Bank of China (PBoC) last week renew its threat to impose sanctions on any financial institution providing cryptocurrency-related services in the country.

As a result, many major trading platforms have stopped allowing new accounts to be registered from China, with a gradual plan to end operations in the coming months.

Read:Far from Malta… Disclosure of the real location of Binance platform

While the cryptocurrency ecosystem has proven more resilient in the face of similar crackdowns from China in the past, excluding all forms of threat from the US will pay off and be music to the ears of the Bitcoin bulls.

The current confirmation from “Jerome Powell” reflected positively on the price of Bitcoin, after it was attacked by the Chinese government last week.

Currently Bitcoin is trading at $43,638, a slight increase of 0.15% in the last 24 hours.

While the Ethereum coin is still maintaining the level of $ 3000, according to data from “CoinMarketCap“.

Read also:

The founder of “Social Capital”: Bitcoin has effectively replaced gold!

US judge dismisses several lawsuits against Tether


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