Fed Vice President says "Stablecoins should not be feared"

Charlie Taylor

The debate around CBDCs (“Central Bank Digital Coin” or “Central Bank Digital Currency”) is growing every week. In a speech about stablecoins, Randal Quarles, vice president of the Federal Reserve, a kind of central bank of the States United commented on various topics around the development of CBDCs in global powers. Randal argued that the US central bank and policy makers should not fear stablecoins and that indeed, when properly regulated, stablecoins can satisfy the need of a CBDC, making it redundant and with little practical sense. For him, the growing discussion around private stablecoins is also positive for the debate around the real need for CBDCs. In China, the digital yuan was more recently made available to use on the Beijing subway. Yesterday, the European Central Bank announced a new two-year “investigation” period, during which the ECB will prepare for a broader phase of digital euro design, with user consultation, regulatory discussions and market analysis. is a type of cryptocurrency pegged to the price of a physical currency, usually the US dollar, keeping the price of cryptocurrency much more stable than crypto without this parity. flexibility and transparency of cryptocurrencies without the volatility we're used to seeing in altcoins. Meanwhile, in testimony yesterday in the House, Fed Chairman Jerome Powell said that stablecoins should be facing stronger regulations, and treated like bank deposits or money market funds. Jerome also said the Fed should be more focused on developing a centralized “digital dollar” system , that is, a CBDC.Read more:Buy Bitcoin at Coinext
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