The US Federal Reserve Bank (FED) has announced that it will set up a new cryptocurrency department made up of experts.
Michael Barr, the Fed’s vice chairman of audit, a new cryptocurrency department of experts announced its establishment. Speaking at an event held for the Peterson Institute for International Economics in Washington, Barr emphasized that this institution is essential to keep abreast of and keep abreast of new developments in the crypto industry.
Once over Ripple (XRP) Barr, who also works as a consultant, stated that the crypto money industry had a decentralized stance at the beginning, but over time it came under the control of central intermediaries. On the other hand, Barr points out that this industry can create potentials emphasized that they cannot be ignored:
Despite recent events, we have not overlooked the potential transformative impact these technologies can have on our financial system. Our overall stance is that at this stage of development, banks should take a cautious and cautious approach to crypto-asset-related activities and entry into the crypto industry.
In his speech, especially stablecoins a cause for concern Barr, describing it as a coincidence, argued that the assets that support many stablecoins in circulation are illiquid:
Publication adoption of stablecoins is risky for households, businesses, and the broader economy unless regulated by the Fed.