Jerome Powell, Chairman of the US Federal Reserve (FED), made statements at the conference held by the Bank of France on “the advantages and challenges of tokenization in the financial system”.
by the Bank of France September 27 In the program broadcast live on the social media account of the institution on “Advantages and Challenges of Tokenization in the Financial System” opinions of the participants were taken. The President of the European Central Bank, the Chairman of the Monetary Authority of Singapore and the Chairman of the FED attended the program. Jerome Powell tokenization and decentralized finance (DeFi) made important statements in the field.
all aspects of the financial system. reliable and robust Stating that there is a need for a strong economic infrastructure, Powell rely on trust rather than resources expressed. If DeFi transparency very important about structural problems Noting that there are adaptation to the legal framework in phase using the right methods stated that it is important.
on editing SEC and CFTC Stating that they evaluated their efforts and received support from many experts, the President stated that there is still a long way to go. Powell has been described as a potential financial disruptor, especially by the market. underlined the importance of stablecoin regulations. President discusses use cases of stablecoin issuers and the market aimed at expanding that they have a request, but in order for this to be done, they must first appropriate regulations are in force stated that it should.
on the other hand Digital Central Bank Currency (CBDC) about the institution yet under review first, and to make a decision alleviating worries said it should. Chairman Powell said of the institution’s stance on the digital asset sector, “We are ready to support innovation in this field, as in every field, but as an institution, the safety of consumers and the financial system will always be at the forefront for us.” said.