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Federal Reserve Chair Jerome Powell told U.S. lawmakers that the Fed has “no intention to ban” cryptocurrencies.
During his testimony before the House Committee on Financial Services, Powell was asked to clarify his July comment that one of the stronger arguments for a central bank digital currency is that it could replicate the role of crypto.
Here’s Powell’s full quote from July: “I think that may be the case, and I think that’s one of the arguments that are offered in favor of digital currency,” Powell said. “That, in particular, you wouldn’t need stable-coins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency – I think that’s one of the stronger arguments in its favor.”
This time around, Powell stated that the Fed has “no intention to ban” cryptocurrencies.
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