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Fed Vice Chair Shows Support for Stablecoins

Federal Reserve Vice Chair Randal Quarles recently declared that the US ought to find ways to say “yes” to stablecoins.

This stands in opposition to what most other Fed officials have said, like Federal Reserve Governor Lael Brainard, who considers that stablecoins may present a risk to businesses and consumers. Quarles added that the US central bank has a “strong regulatory interest” in stablecoins, but that we shouldn’t fear them.

He declared: “When our concerns have been addressed, we should be saying yes to these products, rather than straining to find ways to say no. Indeed, the combination of imminent improvements in the existing payments system such as various instant payments initiatives combined with the cross-border efficiency of properly structured stablecoins could well make superfluous any effort to develop” a CBDC.

Quarles has also revealed that he doesn’t think Bitcoin or foreign CBDCs present any real threat to the US dollar.

Source: CoinDesk.com

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