Federal Reserve: If we can't control it, we will stop it

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.

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