Federal Reserve Chairman: Banks can provide cryptocurrency services in a safe and sound manner, and we do not oppose innovation

ChainCatcher news, according to Ledgerinsights, Federal Reserve Chairman Powell discussed the topic of cryptocurrency during a press conference after announcing the decision to maintain interest rates. He stated that banks can provide cryptocurrency services to customers as long as it is done in a safe and sound manner. He added, "We do not oppose innovation, and we certainly do not want to take actions that lead banks to terminate fully legal customers due to excessive risk aversion brought about by regulation."

According to a court order, the Federal Deposit Insurance Corporation (FDIC) recently issued several letters emphasizing the strict scrutiny banks face when providing cryptocurrency services to customers. In many cases, banks were told to suspend services and were never granted approval.