U.S. Fed Declares: Cryptocurrency Is Here to Stay

Jerome Powell, the Head of the U.S Federal Reserve, spoke to the House Financial Services Committee today. Hesaid that digital money, known as crypto, seems to be here to stay. He also talked about the recent pause in interest rate increases and discussed several things related to digital money.

Powell has made similar comments before, especially about stablecoins, which are a type of digital money. He also talked about how the Central Bank should control these and how they might make their own digital money in the future, known as a Central Bank Digital Currency (CBDC).

In a big meeting about money policy, Powell told the Committee that stablecoins are a type of money. He also said that in rich countries, people trust in money because of the Central Bank. "We believe that the government should have a big role," Powell said.

Besides, Powell mentioned that there are people at the Fed who are part of talks about how to control digital money. He also talked about CBDCs, which people have been discussing a lot since the FedNow system arrived. But Powell said that making a CBDC will take a long time.

Powell's comments show that the Fed is open to digital money. They also suggest that the Fed wants to include digital money in its future plans. We can expect the Fed to continue its work in this area.