In a recent interview, Elon Musk has said that governments cannot destroy cryptocurrencies despite desperate attempts. “It is not possible to, I think, destroy crypto,” he said. 

Elon Musk has long been a strong proponent of cryptocurrencies. Earlier in the year, he promised that Tesla would accept Bitcoin payments for its electric cars in the US. However, he later backtracked on his decision drawing flak from crypto enthusiasts from across the globe.  

As the US awaits the final approval of the over trillion-dollar infrastructure Bill, the debate around crypto regulations is once again ignited. Moreover, with China banning cryptocurrencies altogether, many policymakers in the US are seeing it as an opportunity while others warn caution. 

Earlier last week, US Federal Reserve Chair Jerome Powell said that they have no plans to ban crypto. The statement came after China’s extreme crackdown on crypto assets and service providers. When he was asked if he has plans to ban crypto, as China did, he said the US has no such intention. 

Elon Musk has come out and his statements coupled with what the US Federal Reserve  Chair said earlier has helped the market sentiments. While Bitcoin showed temporary resistance and traded in green, the other altcoin prices reverberated the same. 

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These days, China always seems to be in the headlines. It is mainly due to its regulations and crackdown against all the private cryptocurrencies or related activities. However, this doesn’t mean that China has an issue with the “crypto” itself; they just want the power! 

The latest regulations aimed to eliminate the competition for their new digital currency, Digital Yuan. In 2014, China’s government envisioned this currency, and since then, it has distributed around $30 million. Following the past few months, the People’s Bank of China is launching trial projects in different cities for implementing a digital yuan payments system.

It is quite clear that China’s economy is eyeing the central bank digital currency. Other countries are exploring the same idea as well. Approximately five nations of the Caribbean have already implemented a digital currency. Talking about the European countries, they are also building a central bank digital currency called D-Euro. Their aim is to complement the existing monetary system and not replace fiat money.

Looking at the current scenario, it won’t be long when more countries and nations join the race to develop their central digital currency. This will defy the whole purpose behind the cryptocurrencies being decentralized.

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The meeting lasted for two hours. It gave a medium to representatives to question Powell and Treasury Secretary Janet Yellen regarding Fed’s and Treasury Department’s pandemic response. It also featured various crypto-related questions.

In July, Powel made some statements that U.S. central bank digital currency (CBDC) has the potential to undercut the need for private crypto. To clarify these statements, a prominent proponent of crypto and member of the Congressional Blockchain Caucus, Rep. Ted Budd (R-N.C.), asked Powell to clarify these statements.

Budd asked if he wishes to limit or ban the use of cryptocurrencies. To which Powell replied, “I have no intention to ban them.”

Representatives were expecting that the development of U.S CBDC will have a similar ban on crypto as seen in China. However, Powell clarified that he is not considering a China-style ban on bitcoin or other cryptos.

When asked about stablecoins, Powell presented the following remarks: “Stablecoins are like money market funds [and] like bank deposits but they’re, to some extent, outside the regulatory perimeter and it’s appropriate they be regulated” “Same activity, same regulation.”

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