Chairman of the US Federal Reserve System (FRS) Jerome Powell said that he does not consider cryptocurrencies a threat to financial stability. At the same time, the head of the regulator considers cryptocurrencies «really a speculative asset.» Powell stressed that trading digital currencies is extremely risky, since these crypto assets are not backed by anything, and many holders and consumers do not even fully understand what they are acquiring. The politician also stressed the role of stablecoins (stablecoin is a common name for cryptocurrencies that are backed by national currencies and assets) and noted that he supports the position of the White House calling on Congress to adopt a new law that stablecoins are issued only by insured banks. Powell noted that national asset-backed stablecoins can be a useful and effective part of the financial system for consumers, but only if they are properly regulated. On Thursday, the cost of the most popular bitcoin cryptocurrency is $48.510, ether is trading in the area of $4.018.
