BTC reserves continue to be discussed! Federal Reserve Chairman Powell: FED is not allowed to hold BTC and other encryption assets

Federal Reserve Chair Jerome Powell responded to questions from reporters about BTC reserves at the press conference on 12/18. He cited the Federal Reserve Act, stating that the Fed is not allowed to hold BTC, and there are currently no plans to change this law. Any changes would need to be decided by the US Congress, which is beyond the scope of the Fed's authority.

Journalist asked about the possibility of BTC reserves, Powell: 'Not in accordance with the Federal Reserve Act'

During the open press conference, Powell was asked about the trend of some countries gradually shifting their cryptocurrency policies and whether the Federal Reserve (FED) could establish BTC reserves. However, Powell stated that the responsibility of the FED is to act in accordance with existing laws, and according to the Federal Reserve Act, the FED is not allowed to hold BTC or other cryptocurrencies. He emphasized that this issue should be decided after deliberation by the US Congress.

The focus of the Federal Reserve is to control inflation and stabilize the economy

Throughout the press conference, Powell reiterated that the Fed's dual mandate is to promote 'employment growth' and 'stable prices', and that the current policy's primary goal is to keep inflation rates low and stable at 2%.

Powell pointed out that although the US economy is performing strongly, the labor market is stable, and the inflation rate has dropped significantly from its peak, it will still take time to achieve the established goals. He also revealed that the current monetary policy has lowered by a full percentage point from its peak, and the restrictive stance of the policy has significantly decreased. In the future, when considering further adjustments to the policy interest rate, it will be more cautious to ensure economic stability while maintaining price stability.

BTC reserves are not the focus of the FED's attention, and there is no rush to change policy

Powell mentioned that issues such as BTC reserves, cryptocurrency-related policies, etc. are not the focus of the FED at the moment. He added that although BTC and other cryptocurrencies have a significant global presence and many supporters, it is necessary to fully consider the inclusion of these cryptocurrencies, including their potential impact on financial stability, regulation, and monetary policy. "We will continue to monitor the development of cryptocurrencies, but currently, there is not a high sense of urgency for the FED," Powell said.

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This article BTC reserve topic continues! Federal Reserve Chairman Powell: FED is not allowed to hold BTC and other cryptographic assets first appeared in Chain News ABMedia.