Federal Reserve Chair Jerome Powell mentioned on Wednesday that the U.S. central financial institution has no need to be concerned in any authorities effort to carry giant quantities of bitcoin.
“We’re not allowed to personal bitcoin,” Powell mentioned at a press convention following the most recent Federal Open Market Committee assembly, the place policymakers minimize charges as anticipated whereas signaling a much less sure path for financial coverage within the months forward.
When it comes to the authorized points round holding bitcoin, “that’s the form of factor for Congress to contemplate, however we’re not searching for a legislation change on the Fed,” Powell mentioned.
The Fed chief was addressing the prospect of central financial institution involvement within the concept of the federal government constructing a so-called Strategic Bitcoin Reserve as soon as President-elect Donald Trump takes workplace. The Fed chief’s feedback pushed the worth of the asset, which has rallied sharply for the reason that election, down.