Jerome Powell: "Banks Have Sufficient Capability to Serve Crypto Customers... Risk Management is Key"
JH Kim
Summary
- Chair Jerome Powell stated that if banks can manage risks, they have the capability to adequately serve crypto customers.
- Powell emphasized that standards for banks participating in the crypto business should become more stringent.
- The Fed conveyed its support for bank-centered development and innovation in the crypto sector.
Jerome Powell, the Chair of the Federal Reserve (Fed), stated on the 29th (local time) in response to a question about cryptocurrency risks, "If banks can appropriately manage risks, it won't be a major issue," and "Banks have sufficient capability to provide services to crypto customers."
He added, "The standards for banks participating in the crypto business should become more stringent," and "The Fed's role in the crypto sector mainly focuses on banks. We are not opposed to development and innovation."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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