In his speech today, FED member Michael S. Barr said that the US banking system cryptocurrency He explained that he does not have a deep exposure to risks arising from these risks and that most banks follow a careful approach in this regard.
FED member Barr said that as an institution, they need to be very careful about stablecoins and that private currencies can historically create an “extreme bomb effect” if not regulated.
However, Barr noted that stablecoin innovation should be allowed to happen, but it really has to be within very, very clearly defined limits.
*This is not investment advice.
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