US officials, who pay close attention to stablecoin technology, stated that strict regulation is inevitable.
US officials discussed cryptocurrency policy and the future of innovation. Held in Washington on November 7 DC Fintech Week event, the US Federal Reserve’s (FED) stablecoins its dominance over increase While it is emphasized that stablecoins should opportunities it can provide for the financial system They did not pass either.
Deputy Chairman of the FED’s audit unit, who made a statement on the subject michael barrHe stated that it is necessary to benefit from the innovations in stablecoins in the private sector:
It’s really important for us to always learn about new technologies. There is a lot of innovation happening with stablecoins in the private sector, and we want to make sure we can leverage these innovations to increase efficiency in the payment system.
The FED official also stated that if a stablecoin will be produced, it will be being dollar based should and its issuer does really well checking He said it was necessary.
US MP who came to the fore with a similar statement Michael Hsu He stated that blockchain technology could revolutionize businesses such as payment and money transfer:
Tokenization is focused on solving a real problem, and that problem is compromise. If a global consensus can be reached, we may have a revolutionary opportunity in payments and money transfers.
Despite all these advantages, Micheal Hsu is very active in the cryptocurrency industry. fraud it happened By reminding us, he also showed his stance in favor of the regulators.