2018-7-19 01:09 |
Jerome Powell, chairman of the U.S. Federal Reserve, had some harsh words for cryptocurrencies during an appearance before the U.S. Congress.
“They are very challenging because cryptocurrencies are great if you’re trying to hide or launder money, we have to be very conscious of that,” he said.
Powell’s testimony comes hours before the Financial Services Committee is set to host another hearing directly focused on cryptocurrencies.
As previously reported by CoinDesk, the committee hearing will hone in on the question of whether cryptocurrencies are a new form of money.
A memo published after the hearing was announced notably states that members will examine “the extent to which the U.S. government should consider cryptocurrencies as money and the potential domestic and global uses for cryptocurrencies.”
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