Official: US Federal Reserve will not ban cryptocurrencies

Federal Reserve Chairman Jerome Powell said the United States has no plans to bancryptocurrencies, but he considers it necessary to strengthen supervision of stablecoins.

Powell made such a statement at today'smeeting of the House of Representatives Financial Services Committee with the participation of Treasury Secretary Janet Yellen. The meeting focused on the topic of pandemic response and included several questions about digital assets.

Longtime supporter of cryptocurrencies and member of the laborCongressional blockchain group Ted Budd asked Powell to clarify his July statement that the emergence of a national digital currency in the United States would reduce the need for non-government cryptocurrencies and stablecoins. Budd inquired directly if the Fed was going to "prohibit or restrict the use of cryptocurrencies."

"No. We have no intention to prohibit them "Powell said.

Powell: No plan to ban crypto pic.twitter.com/HEPEFLAoSh

- Blockworks (@Blockworks_) September 30, 2021

When asked about stablecoins, the Fed chairman compared them to money market funds and bank deposits.

“Stable coins are like monetary funds.market, for bank deposits, but to some extent are outside the regulatory perimeter. It is quite appropriate to include them in the legal framework. Same activity, same regulation "- he declared.

Warren Davidson, another member of the working groupOf the Blockchain Congress, drew attention to the lack of clarity in the regulation of cryptocurrencies and urged Yellen to provide clarifications for tax purposes. The finance minister said the IRS is preparing "detailed regulation that will answer this question."

Previously, on September 28, seven members of Congresssent Powell a letter that includes four questions regarding the Fed's attitude toward the custody of cryptocurrencies in federal banks, as well as the agency's role in shaping international standards for CBDCs.

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	Huobi	https://huobi.com	7.4
3	Exmo	https://exmo.me	6.9
4	OKEx	https://okex.com	6.5
5	Bybit	https://bybit.com	6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Additional features and services— futures, options, staking, NFT marketplace.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• final grade– the average number of points for all indicators determines the place in the ranking.

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