The OCC, the FDIC and the Federal Reserve have said in a joint statement that they’ll focus on a long-term policy strategy in 2022 after this year’s policy sprints.
Christopher Waller has disagreed with the Janet Yellen-led working group that wants banks to offer stablecoins, saying it would work against their promise.
The senior official argued that central bank digital currencies are costly and difficult to manage, would deter private-sector innovation, and poses security threats.
The letter is framed around questions following the comments of Chairman Jerome Powell, which seek to explore the rationale behind the Fed’s approach to digital assets more broadly.
The Federal Reserve is still weighing the advantages of a CBDC and is in no rush to reach a decision on to rollout the technology, according to Jerome Powell.
The world’s first country to adopt BTC as legal tender is now preparing for its rollout this coming September but pulls back from requiring the nation’s residents from using the digital currency.
The U.S. Federal Reserve recently released minutes of its latest meeting, and one of the topics they discussed was stablecoins, specifically the risk stablecoins pose to financial stability.
China is shaking down the digital currency market, forcing mining companies in the country to make drastic changes in their operations.
Lael Brainard, a member of the Federal Reserve Board of Governors, recently spoke about the Federal Reserve’s approach and thoughts on the blockchain and digital asset industries.
In its latest statement, the Fed Reserve has confirmed that it’s publishing a discussion paper in the summer exploring the implications of the CBDC on the payments landscape.
Three U.S. agencies tasked with regulating digital currency could be about to join forces to form an “interagency sprint team” in order to better shape digital currency regulation.