Powell argued at a House hearing that cryptocurrencies like#Bitcoinhave "lasting power," acknowledging their influence in the global financial system and status as a new type of asset. He also pointed out that stablecoins account for a significant share of the cryptocurrency market and emphasized that lawmakers are formulating corresponding rules.
Powell views the payment stablecoin as a currency and believes the central bank should approve its issuance in the United States. This stance may have a significant impact on the development of stablecoins, meaning that the Federal Reserve may recognize and accept stablecoins as a payment instrument.
Additionally, Powell dismissed suggestions of issuing a central bank digital currency (CBDC) or digital dollar directly to Americans, in part due to privacy concerns. This shows that privacy protection is an important factor in the process of exploring and developing digital currencies.
To sum up, #Fed’s attitude towards cryptocurrencies and digital currencies is gradually changing, which may have a profound impact on global financial markets. With such remarks, Bitcoin is expected to rise further! !
