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Why the Fed hates cryptocurrencies and especially stablecoins
By MacKenzie Sigalos
CNBC, New York
Friday, July 16, 2021
Federal Reserve Chairman Jerome Powell has been testifying on Capitol Hill this week, and it's pretty clear that he is not a fan of digital coins -- especially stablecoins.
During a two-day congressional hearing, the Fed chief said the main incentive for the U.S. to launch its own central bank digital currency, or CBDC, would be to eliminate the use case for crypto coins in America.
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“You wouldn't need stablecoins, you wouldn't need cryptocurrencies, if you had a digital U.S. currency,” Powell said. “I think that’s one of the stronger arguments in its favor.”
Central bankers and U.S. lawmakers have for years bemoaned the rise of stablecoins, a specific subset of cryptocurrencies that have a value pegged to a real-world asset, such as a fiat currency like the U.S. dollar or a commodity like gold. ...
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