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In his speech today, FED member Michael S. Barr explained that the US banking system does not have a deep exposure to cryptocurrency-related risks and that most banks are taking a careful approach on this issue.
FED member Barr said that as an institution, they need to be very careful about stablecoins and that private currencies can historically create an “extreme bomb effect” if not regulated.
However, Barr noted that stablecoin innovation should be allowed to happen, but it really has to be within very, very clearly defined limits.
*This is not investment advice.