The US May Need More Crypto Regulation According to Jerome Powell!

The Federal Reserve's chairman, Jerome Powell, discussed the Fed's aim to manage stablecoins and the prospect of a central bank digital currency. Stablecoins are cryptocurrencies that are linked to fiat money, such as the US dollar. In contrast to digital assets such as Bitcoin, whose value fluctuates rapidly, this helps maintain their value consistent, making them ideal for digital payments. Stablecoins may make it easier for traders to move money around on an exchange than transferring funds from a bank account. A digital currency backed by the Federal Reserve might be a viable alternative to stablecoins such as Tether or USDC. This type of transaction would be significantly safer and faster than it is currently since it would operate on a blockchain network. The Fed also intends to poll the general public on the dangers and advantages of cryptocurrencies, as well as the prospect of a CBDC.