JAKARTA - In the midst of the growing number of parties investing in cryptocurrency, the United States' central bank, the Fed has never been involved in the realm of digital currencies.
A number of reasons become a separate consideration for the Fed. The head of the Fed, Jerome Powell revealed that digital currencies are unstable. Therefore, his party is not rushing into the world of cryptocurrency.
"They (cryptocurrency values) are very volatile and therefore not really useful stores of value and they are not supported by anything", Powell said at a virtual digital banking discussion event, March 22nd.
"It is more of a speculative asset which is basically a substitute for gold rather than the dollar", he added.
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The Fed chairman made this statement when the value of Bitcoin decreased, but it was still traded at around USD 57.000 (approximately IDR 821 million). In the last 7 months, this virtual currency has skyrocketed.
On the other hand, The Fed has also developed a self-made payment system that serves to facilitate faster money transfers. In addition, the Fed is also considering the possibility that a central bank is needed for crypto money or not.
Despite this, a number of influential people such as Elon Musk, Jack Dorsey, and others have invested in this digital currency. One of the major US banks, Morgan Stanley has also started serving cryptocurrency transactions.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
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