The United States does not intend to outlaw Bitcoin or cryptocurrencies, according to Federal Reserve Chairman Jerome Powell.
During a hearing on the Treasury Department’s and Federal Reserve‘s Pandemic Response on Thursday afternoon, Federal Reserve Chairman Jerome Powell confirmed that the United States has no plans to restrict Bitcoin and cryptocurrencies.
Chairman Powell was questioned about the state of inflation in the United States by House Representative Ted Budd during the hearing.
Powell dodged questions about inflation, arguing that the country’s inflation is driven by the government’s pandemic response’s supply chain difficulties.
When it comes to inflation, the chairman effectively stated that the Fed’s hands are restricted and that relief will come. Powell predicted that inflation would fall in the “first half of next year.”
Powell’s recent views on central bank digital currencies and their impact on stable coins, Bitcoin, and other cryptocurrencies were later referenced by Ted Budd. In a July hearing, Budd paraphrased Jerome Powell:
“So, Mr. Chairman, is it your intention to ban or limit the use of cryptocurrencies, as we see in China?” Budd continued.
Jerome Powell replied, “No,” before going on to describe how he had made a mistake at the time.
“But you have no intention of banning them?” Budd asked again.
Powell said, “No desire to ban them,” and went on to explain why stable currencies should be included in the regulatory framework.
Twitterati trolled Jerome’s statement by posting funny tweets.
For many Bitcoiners, such congressional debates are exasperating to listen to because the Fed’s comprehension of the differences between Bitcoin other cryptocurrencies is woefully inadequate.
Regarding bitcoin-US ban A user posted a tweet. The tweet reads:
“Jerome Powell isn’t fooling anyone, we all know the game at play. The USA literally cannot afford to ban $BTC or crypto, the tax revenue is needed to clean the cash printing, inflated mess that is our economy.”
However, given the Fed’s and members of Congress’ constant association of Bitcoin with other crypto currencies, we may reasonably conclude Chairman Powell was speaking about Bitcoin as well.
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