The Jerome Powell (US Fed Reserve Chair)’s Words on Reserve Currency, Bitcoin and Crypto [Video]

The Jerome Powell (US Fed Reserve Chair)’s Words on Reserve Currency, Bitcoin and Crypto [Video]

Jerome Powell, the U.S Fed Reserve Chairman, spoke on Bitcoin and cryptocurrency, among others. Here are excerpts. The full video below.

“Since we are the world’s reserve currency, we actually think we need to get this right, and we don’t feel an urge or need to be first,” he said. “We effectively already have a first-mover advantage, because we’re the reserve currency.”

“We’ve been very focused… on potential regulatory answers for global stablecoins, in particular,” said Powell in response to a question about CBDCs, or central bank digital currencies.

“So that’s been a high-level focus, and that will continue to be a high-level focus because they could become systemically important overnight and we don’t begin to have, you know, our arms around the potential risks and how to manage those risks, and the public will expect we do and has every right to expect that… It’s a very high priority.”

 

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