Jerome Powell Speaks On Government Backed Cryptocurrency

From statements given by Jerome Powell (Federal Reserve Chairman), the United Stated Federal Government has some serious issues with cryptocurrency. In a recent hearing, he made it very clear the government has no interest in creating a US backed digital currency like Bitcoin. It’s not even an idea they’ve been considering according the chairman.

Instead Powell points his view in another direction, aligning himself with the federal dollar and country’s banking system’s need for more attention to improve their value. He did make a good observation however, cryptocurrencies are private, under control by private businesses, not the government.

The United States isn’t the only government taking a stance on cryptocurrency though, in England the parliament sees crypto in a different light as a competitive currency to the British Pound and Euro. The different political regimes in Europe will use cryptocurrency to manage financial behaviors of their users, being able to use a type of cryptocurrency pre-cognition apparently to guess what type of action users will take or institutions involved with cryptocurrency.

European governments believe banks need to make their own cryptocurrency tokens to fully compete in the financial marketplace. But some still feel it may have an opposite effect to what some government officials believe, instead devaluing the banking system while strengthening that of cryptocurrencies.

What do you think? Should the governments and banks of the world have their own cryptocurrencies? Leave your opinions and beliefs in the comment section below.

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