FED Chairman view on: Crypto Been Used To Evade Sanction And Inflation Rate

FED Chairman Jerome Powell's speech while addressing the House Financial Services Committee on the state of the economy and monetary policy, which he is supposed also report to the Senate Banking Committee tomorrow. He highlighted the fact that Russia is using Crypto to evade sanctions after being cut off from the SWIFT (Society for Worldwide Interbank Financial Telecommunication) by the European Commission and the United States earlier this week in an attempt to force Russia to stop the war against Ukraine.

Source

He said this is why crypto needs to be regulated to avoid things like this referring to Russia in this case, that Russia wasn't scared of the sanctioning because they already had it in mind to use crypto to bypass being sanctioned, he further included that there is a possibility of terrorists and other hostile or malicious persons or groups to be using crypto to bypass some restrictions and as such crypto needs to be regulated, but I don't see how it's crypto fault that Russia used it to evade the financial sanctions by The United States, European Commission, and other nations have imposed on them.

According to the FED's Chairman Jerome Powell who said that:

“The Ukraine-Russia conflict underscored the need for Congressional action on digital finance including cryptocurrencies,” Powell said. “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 there.”

The FED's Chairman Also talked about how the United States Central Bank plans on how to tackle the increase in inflation by raising rates later this year, that the United States Central Bank was already ready to raise its policy rate but plans changed due to the current situation of the Russian Ukraine crisis that might have changed their expectations but that the supposed expectations are that inflation will peak and “come down” by the end of this year.

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