The government has tried by every means to see that they have control over the fast rising tech market “Cryptocurrency”, every move made as proved unsuccessful. Setting a regulatory body to see that cryptocurrency is not used for fund terrorism and crime might not be successful as to some point. The main purpose of it’s creation was to serve as an alternative to our native currencies such as the USD, EURO, POUNDS etc. cryptocurrency can’t make decisions on how it’s been spent and by who, the same goes with our native currencies. This is one of it’s peculiarity of been decentralized, the few weeks pasted Bitcoin and other alternative tokens has come to the rescue of the war faced country Ukraine and it has acted as it’s life line as the country native currency collapses in the world trade market.
The chairman of the US reserve on the other had feels the opposite that a regulatory body should be set to see the digital asset been used to fund crimes and terrorism. He made he’s view know to the House financial service committee stating that the tech rising market needs a form of regulatory frame work to prevent funding of these activities.
In the video procession which I quote;
“I just think [there’s] the need for Congressional action on digital finance, including cryptocurrencies. We have this burgeoning industry which has many parts to it, and there isn’t in place the kind of regulatory framework that needs to be.
It’s probably no different with railroads, or telephones, or the internet and ultimately what’s needed is a framework and in particular, ways to prevent these unbacked cryptocurrencies from servicing as a vehicle for terrorist finance and just general criminal behavior, tax avoidance, and the like.”
Powell who stated further that even if the Central bank digital currency(CBDC) wants to issue a rule, it won’t be enough to the tackle the problem of criminals using these digital assets of avoid the rule of law.
“It depends on why people are using digital currencies. If they’re using them to evade visibility and evade the law, then for us, just to have a law-abiding CBDC won’t change that. They’ll still be able to use those currencies for that matter.
The existing digital currencies that are not backed are really vehicles for speculation. They’re not used in payments. They’re not a store of value. They’re speculation like gold. That’s what they’re used for, whereas a US CBDC would have a wider view.”