The Federal Reserve’s top bank watchdog said crypto stablecoins could amount to private money that might be destabilizing for the US financial system if left unchecked.
- In other words: They can’t control it so they want to stop it.
The Fed continues to study technologies that would underlie a digital currency backed by the central bank, Barr told the audience.
- He previously has said the Fed wouldn’t move ahead without consent from Congress and the executive branch.
- Now it appears they’re doing anything they can to clear competing, decentralized currencies to enact their own CBDC.