The Fed made a sudden reversal of mind and it is Calling Wall Street to put Regulations in place that will allow banks and other standard financial institutions to better deal with the growing crypto space.
The Fed thinks cryptocurrency should be studied
The Fed seems to have been pretty daring lately to bring the crypto space to its knees. The organization has done nothing but raise interest rates over the past few months as a way of trying to bring down inflation. However, these prices did nothing but drive down the price of the cryptocurrency. Food and gasoline prices are still at all-time highs, people can’t afford homes or vehicles as they did just a year ago, and bitcoin and many of its digital peers are traveling in the doldrums.
But the Fed is clearly smart enough to realize that this space is not going anywhere. Officials believe there are possibilities to make money and bring more investors to a place to know when it comes to developing the right crypto “opportunities,” the organization says, and the Fed wants Wall Street and other major financial players to be able to handle cryptocurrencies accordingly as they grow.
The Federal Reserve announced in a statement:
The emerging crypto-asset sector presents potential opportunities for banking institutions, their clients, and the public financial system. Cryptocurrency-related activities may also pose safety and security risks, consumer protection, and financial stability.
The cryptocurrency space has gone through one of the most volatile and volatile periods. For example, Bitcoin has lost nearly 70 percent of its total value since hitting $68,000 in November last year. Now, the asset is struggling to maintain a position in the low $20,000 region, while the crypto space has lost more than $2 trillion in valuation.
With elements like this in place, one might assume that a standard monetary agency like the Federal Reserve would turn its back on the cryptocurrency space, although it appears that many individuals within the organization see it as something that could present many opportunities for investors and the state alike. whether.
Fed Vice Chairman Lyle Brainard explained in a recent interview:
The new guidelines provide a consistent and transparent process for evaluating requests for Federal Reserve accounts and access to payment services in order to support a secure, comprehensive and innovative payment system.
Has BTC come to a better place?
Martin Heisbock — head of blockchain and research at crypto platform Uphold — also threw his two years into the mix, commenting:
Bitcoin is having a hard time going anywhere at the moment, but looking at it from a long-term perspective, this appears to be a point of accumulation, and whether Bitcoin drops further doesn’t matter much to the millions who believe in it. The fact that it hasn’t decreased significantly over the past weeks We got some really bad news It is a turning point.
#Fed #pave #cryptocurrency