Cryptocurrency, the most talked-about investment tools of recent years, has been the number one target of those who support traditional financial systems. Because the fact that people invest in cryptocurrencies and the total market volume in this sector is around 2 trillion dollars, threatens to change the traditional world order.
In particular, governments and names that manage financial systems have a very clear attitude towards cryptocurrencies. This attitude, as you can imagine, is quite negative. But now, there has been a remarkable development on the subject. Jerome Powell, Chairman of the US Federal Reserve (FED), made a statement that they are not considering banning cryptocurrencies.
FED’s main concern seems to be stablecoins
FED Chairman Powell, who said unequivocally “No, we have no intention of banning them” for cryptocurrencies, drew attention to stable coins. Stating that “Stable coins are outside the regulatory framework and it would be appropriate to supervise and regulate them,” Powell underlined that a regulation can be made for stable coins with this statement.
There is a reason why stable coins are mentioned in the statements made by Fed Chairman Jerome Powell. Stable coins are directly indexed to the dollar. In other words, cryptocurrencies such as Tether or USD Coin, which are stable coins, are always around 1 dollar and show a 1 percent increase or decrease. This situation is not good for the USA. Because Tether, in particular, has been in our lives for years and has a well-established system. If the Federal Reserve wants to create a digital version of the dollar, it will likely fail due to Tether. After all, cryptocurrencies, which are used as the digital version of the dollar, have been in our lives for years. . .
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