Federal Reserve Chairman Powell: As long as it is done in a safe and stable manner, banks can provide cryptocurrency services for customers

News on February 2, according to Ledgerinsights, after announcing that interest rates would remain unchanged, Federal Reserve Chairman Powell discussed the topic of cryptocurrency at a press conference. He stated that banks can provide cryptocurrency services to customers as long as it is done in a safe and robust manner. He added, "We are not against innovation, and we certainly do not want to take actions that lead banks to terminate completely legal customers due to excessive risk avoidance brought about by regulation." According to court orders, 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 never received approval.