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Jerome Powell, the Chairman of the Federal Reserve System, responded to questions from Senators regarding cryptocurrencies in day two of “The Semiannual Monetary Policy Report to the Congress”  in an open  hearing before the Committee on Banking, Housing, and Urban Affairs.

Key quotes

  • Cryptocurrencies  are not big enough to create financial stability risks.
  • There are significant investment risks.
  • There are consumer protection issues as well.
  • We are not looking into issuing our own digital currency.
  • Cryptocurrencies  are not used as a mean of payment.
  • Crypto discussions come up a lot in G7. There is a broad concern that the public needs to be aware of.
  • We don’t look into cryptocurrencies when making monetary policy decisions.
  • We don’t have the regulatory authority to deal with cryptocurrencies.