Fed sees stablecoin as form of money wants robust role in its oversight Powell says
1. The Federal Reserve Views Stablecoin as a Form of Money: The article highlights that the Federal Reserve considers stablecoin as a type of money and believes that it has a crucial role in the U.S. payment system. Fed Chairman Powell stated that stablecoin must adhere to similar regulations and standards as traditional financial systems since it proposes a critical challenge for regulatory authorities.
2. The Importance of Regulatory Oversight: Powell addressed concerns about stablecoin's regulatory oversight and emphasized that it would require robust oversight. In his view,the potential of stablecoin to be utilized as a means of payment at a massive scale has implications for financial stability,monetary policy,and capital markets. He also called for regulatory authorities to ensure that they have a comprehensive and coordinated regulatory framework to manage the risks.
3. Stablecoin's Potential for Widespread Adoption: The article highlights that the use of stablecoin appears to be on the rise,as more individuals and companies accept them for goods and services. The chairman,however,expresses concerns about the massive adoption of stablecoin since it could destabilize traditional financial systems. Additionally,Powell warns of the need to safeguard against risks related to stablecoin,such as cybersecurity and fraud,that could have severe implications for investors.
source https://titdoi.com/news/Fed-sees-stablecoin-as-form-of-money-wants-robust-role-in-its-oversight-Powell-says
2. The Importance of Regulatory Oversight: Powell addressed concerns about stablecoin's regulatory oversight and emphasized that it would require robust oversight. In his view,the potential of stablecoin to be utilized as a means of payment at a massive scale has implications for financial stability,monetary policy,and capital markets. He also called for regulatory authorities to ensure that they have a comprehensive and coordinated regulatory framework to manage the risks.
3. Stablecoin's Potential for Widespread Adoption: The article highlights that the use of stablecoin appears to be on the rise,as more individuals and companies accept them for goods and services. The chairman,however,expresses concerns about the massive adoption of stablecoin since it could destabilize traditional financial systems. Additionally,Powell warns of the need to safeguard against risks related to stablecoin,such as cybersecurity and fraud,that could have severe implications for investors.
source https://titdoi.com/news/Fed-sees-stablecoin-as-form-of-money-wants-robust-role-in-its-oversight-Powell-says
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