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9/27, 2:28 PM (Source: TeleTrader)
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Fed's Powell calls for careful crypto regulation

Federal Reserve Chairman Jerome Powell addressed on Tuesday the participants of the panel on ‘Opportunities And Challenges Of The Tokenisation Of Finance’, saying that the interaction between the DeFi ecosystem and central banks across the globe is not that large at the moment, adding this sector requires more appropriate and careful regulation as DeFi expands and touches more and more retail customers.

Powell also warned of unhosted wallets that could be used for money laundering or other criminal activities, stating this all makes the entire process more complicated to succeed.

On digital money, he said that the Fed is cooperating with Congress and the executive branch now and would require at least a couple of years so as to build trust among the population as cash is not disappearing in the US.

Baha Breaking News (BBN) / MM