๐บ๐ธ Urgent โ Powell: "Banks are free to provide services to the digital sector and can engage in crypto activities"
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๐ฃ๏ธ Statement from Federal Reserve Chair Jerome Powell:
> โBanks are free to provide banking services to the crypto industry, and they are also free to engage in activities related to digital currencies.โ
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๐ฆ What does this statement signify?
โ A clear reassurance message for financial institutions wishing to enter the crypto world
โ Removes ambiguity regarding the Fed's stance on banks dealing with digital currencies
โ May encourage the expansion of cryptocurrency services in the traditional banking system
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๐ Potential impact:
โ Opening the door to new partnerships between banks and crypto companies
โ Enhancing the adoption of digital currencies by institutions
โ Strong moral support for markets amid regulatory challenges
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โDo you think this statement will change the game for banks that are still hesitant to enter the crypto sector?
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