By Nathan Ferguson
The United crypto marketplace might prepare for massive developments, possibly on the positive side. According to the central bank records released recently, Jerome Powell, Fed Chairman, met Brian Armstrong, Coinbase CEO, on 11th May this year.
The two officials meet after the crypto market surged to its record highs in 2021. The increased crypto activities attracted governments and regulatory bodies, being active on crypto market scrutiny.
Jerome’s meeting happened some few days before the United States central bank declared its plans to launch a Digital Dollar. The bank’s diary shows that the two financial figures met for around 30 minutes. Keep in mind that Coinbase is a leading cryptocurrency platform in the American market at the moment. Also, the exchange acquired a NASDAQ listing in April this year.
The Fed chairman met Christopher Giancarlo, a former CFTC official, and a crypto advocate, later after meeting Armstrong.
That seems like a positive sentiment, looking to connect the traditional market to the emerging cryptocurrency atmosphere. On 20th May, Powell noted that they are open to various opinions before deciding on the US CBDCs.
During the same period, Armstrong declared that their summit was positive. In his tweets, the Coinbase CEO said that the agency heads and officials he met were committed people, and he rejoices for the new friendships.
What Holds the Future?
Powel understands the increased pace towards Digital Yuan development. With that, Fed Chairman might aim to maintain USD’s dominance in the global marketplace. Powel announced that Fed would take part in setting international measures for central coins digital coins.
With the current economic crash, Latin American countries such as El Salvador decided to legalize Bitcoin besides the US. Dollar. With such moves, Bitcoins competes directly with the dollar. For that reason, Fed might accelerate the development of the digital dollar soon.
The meeting shows that financial authorities are ready to cooperate with cryptocurrency dealers for crypto regulation for the crypto space.
Keep in mind that some cryptocurrency dealers plan to join the US market following China’s stiff crypto regulations.
Is it a chance for the US to overtake the market that China used to dominate? You can share your opinions below.