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Fed Chairman Powel: Bitcoin Could Become Obsolete If U.S. Digital Currency Existed
Summary: During testimony on Wednesday afternoon before the U.S. Financial Services Committee, Federal Reserve Chairman Jerome Powell made clear that while the central bank is continuing to study the feasibility of a digital dollar, it will not be forced into launching one. Additionally, he noted that when the US launches a sovereign digital currency, it could ...
During testimony on Wednesday afternoon before the U.S. Financial Services Committee, Federal Reserve Chairman Jerome Powell made clear that while the central bank is continuing to study the feasibility of a digital dollar, it will not be forced into launching one.
Additionally, he noted that when the US launches a sovereign digital currency, it could make cryptocurrencies such as bitcoin or stablecoins such as Tether unnecessary. “One of the arguments that are offered in favor of a digital currency in particular you wouldn't need stablecoins you wouldn't need cryptocurrencies if you had a digital US currency” said Powell.
By Amy Liu
Tags: Bitcoin,Digital Currency,Fed,Jerome Powell
Link: Fed Chairman Powel: Bitcoin Could Become Obsolete If U.S. Digital Currency Existed [Copy]
