Federal Reserve's Stance on Bitcoin: Powell Speaks Out

Federal Reserve Chairman Jerome Powell clarified that the U.S. central bank has no intention of holding Bitcoin. He stated that legal considerations regarding Bitcoin ownership are for Congress to address, and such a move is not sought by the Federal Reserve.

Federal Reserve Chairman Jerome Powell has made it clear that the U.S. central bank is not interested in holding the cryptocurrency Bitcoin. This statement comes amid discussions about whether the Trump administration might consider accumulating some form of government-owned Bitcoin stock.

During a recent press conference following the latest Federal Open Market Committee meeting, Powell stated, "We're not allowed to Bitcoin." He emphasized that any legal issues surrounding the Federal Reserve's ability to hold Bitcoin should be left to Congress to consider.

Powell further clarified that the Federal Reserve is not seeking any law changes to enable Bitcoin ownership, reinforcing the current stance of the central bank regarding the controversial cryptocurrency.

(With inputs from agencies.)