• Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
Tuesday, August 16, 2022
No Result
View All Result
Our Bitcoin News
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
No Result
View All Result
Our Bitcoin News
No Result
View All Result

FED Chair Powell calls for new rules on digital currencies

News
by Gauri Bhatia
24 March 2022
FED Chair Powell calls for new rules on digital currencies

Source: Unsplash

Share on FacebookShare on Twitter

Federal Reserve Chairman Jerome Powell said on Wednesday that emerging financial technologies, such as cryptocurrencies and stablecoins, require new rules and legal frameworks as they present new forms of risks to consumers.

Speaking at a Bank for International Settlements (BIS) Innovation Summit on March 23, Powell noted that the central bank encourages innovation in digital financial products. However, advanced forms of technologies also pose risks to consumers and the US financial system, thus requiring a change in the existing regulations.

Bank for International Settlements (BIS) hosted a panel, entitled “New Challenges for Central Bank Governors in the Digital World,” where the FED Chairman took the stage as a panelist, along with the governors of the central banks in Britain, Germany, and Malaysia.

“Novel technology like distributed ledger and decentralized finance have the potential to improve efficiency of the payment system and encourage a more competitive financial landscape,” Powell noted. However, he later added, “There are potential financial-stability concerns for some products. We don’t know how some digital products will behave in times of market stress.”

Doubling down on his argument, the chairman also mentioned the risks of an increase in illegal activities such as money laundering. He further warned that cryptocurrencies do not have the same amount of legal protection that traditional financial products have in the system, adding:

“Our existing regulatory frameworks were not built with a digital world in mind. Stablecoins, central bank digital currencies, and digital finance more generally, will require changes to existing laws and regulation or even entirely new rules and frameworks.”

Meanwhile, the Federal Reserve has not made it official whether it would introduce a CBDC or not, Powell revealed. It is currency collaborating with other central banks to improve the existing settlement and monetary system while maintaining security and financial stability.

Previous Post

GameStop powers beta NFT marketplace with Loopring’s ZK-Rollup

Next Post

Meta on expansion mode: submits eight crypto, Web3 trademark applications

Gauri Bhatia

Gauri Bhatia

Gauri is a full-time Content Writer at Our Bitcoin News. With a degree in Economics, she covers major news and concerns surrounding crypto-space.

Related Posts

Shiba Inu Price Prediction

by Damien Martin
3 August 2022

Shiba Inu has had an eventful 2021. To simplify the latest SHIB price prediction, we have divided up the prediction by short term Shiba...

New bipartisan bill seeks to make CFTC official cryptocurrency regulator

New bipartisan bill seeks to make CFTC official cryptocurrency regulator

by Gauri Bhatia
29 April 2022

Some US bipartisan lawmakers have submitted a bill that seeks to foster innovation in the cryptocurrency space and build a...

Animoca Brands establishes joint venture with OneFootBall following $300M round

Animoca Brands establishes joint venture with OneFootBall following $300M round

by Gauri Bhatia
29 April 2022

Hong Kong-based Web 3 giant Animoca Brands has now formed a strategic joint venture with OneFootball, Football news and media...

No Result
View All Result

Recent Posts

  • Shiba Inu Price Prediction
  • Understanding the Tokenomics of ZNT: DeFi protocol Zenith’s official token
  • Huobi Incubator kicks off Web3 Hackathon to foster next generation of Web3 start-ups
  • Huobi Incubator concludes BeWater DevCon 2022 encouraging dialogue amongst developer communities
  • Huobi Global and PrimeEarn provide one of the best experiences and profits
Our Bitcoin News

© 2021 Our Bitcoin News

Navigate

  • Home
  • Press Release
  • Sponsored
  • Our Journalists
  • Advertise
  • Editorial Policy
  • Privacy Policy
  • Terms & Conditions

Follow Us

No Result
View All Result
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners

© 2021 Our Bitcoin News