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Kriptoteka > Market > Blockchain > Powell Calls Stablecoins a “Form of Money” in Recent Testimony
Blockchain

Powell Calls Stablecoins a “Form of Money” in Recent Testimony

marcel.mihalic@gmail.com
Last updated: September 19, 2024 3:12 am
By marcel.mihalic@gmail.com 5 Min Read
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Fed Chair Jerome Powell Recognizes Stablecoins as “Form of Money” During Testimony

Recently, Federal Reserve Chair Jerome Powell addressed the House Financial Services Committee, sharing the central bank’s views on cryptocurrencies, central bank digital currencies (CBDCs), inflation, and the traditional finance (TradFi) landscape. His testimony highlighted the changing dynamics of the crypto market and the regulatory challenges posed by stablecoins.

During his address, Powell described stablecoins as “a form of money” and stressed the importance of central bank oversight in establishing strong regulations for these digital assets. Acknowledging that the trust in money fundamentally relies on the central bank, Powell called for a federal role in monitoring stablecoin operations. He highlighted the potential of stablecoins to function as payment instruments, reinforcing the necessity of regulatory frameworks to ensure their stability and safety.

In contrast, Powell’s discussion on CBDCs conveyed a more measured perspective, suggesting the U.S. is still a long way from deploying a central bank-issued digital currency. He clarified that retail accounts will remain under the purview of commercial banks rather than the central bank. This implies that the journey towards a CBDC involves intricate considerations and challenges.

On the inflation front, Powell reiterated the Federal Reserve’s commitment to a 2% inflation target. The central bank is dedicated to implementing strategies that foster price stability and sustainable economic growth. His comments reflect the ongoing efforts of the Federal Reserve to tackle the challenges associated with inflationary pressures.

Moreover, Powell mentioned the importance of maintaining the US Dollar’s status as the global reserve currency, especially amidst potential de-dollarisation trends in the East. While he underscored the significance of the US Dollar’s international presence, specifics on addressing de-dollarisation were not provided.

The subject of cryptocurrency legislation was also discussed, with Powell indicating that two crypto bills are anticipated to be introduced by July. This proposed legislation seeks to create a regulatory framework for the crypto market that prioritizes investor protection and mitigates potential risks. Once these bills pass through the necessary stages, they will be put to a Committee vote, marking a significant advancement towards comprehensive regulation within the crypto sector.

Powell’s testimony illustrates the Federal Reserve’s shifting approach to digital assets and its acknowledgment of the critical need to regulate stablecoins. While the implementation of a CBDC is still on the horizon, the central bank is actively tracking developments within the crypto space and working towards fostering a balanced regulatory framework that encourages innovation while ensuring financial stability.

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