Fed’s Waller says stablecoins do not need to be subject to full banking rulebook

- Advertisement -


Nov 17 (Businesshala) – A strong regulatory and supervisory framework is needed to ensure that stablecoins are a safe form of payment, but not necessarily subject to the same rules as all banks, said Federal Reserve Board Governor Christopher Waller said on Wednesday. ,

- Advertisement -

Waller also said that while he would be fine with the idea of ​​banks being able to issue both bank deposits and stablecoins, he disagrees with the idea that only banks should be able to issue stablecoins.

- Advertisement -

In remarks prepared for a virtual conference hosted by the Cleveland Fed, Waller said, “The regulatory and supervisory framework for stable payments must address the specific risks that arise from these arrangements — directly, fully and narrowly. ” “But that does not mean applying the full banking rulebook, which is geared towards lending activities, not payments.”

A Fed official said he still doubts the need for a central bank digital currency, or CBDC, because there is already “real and rapid innovation” happening in the payments sector. (Reporting by Jonal Marte; Editing by Andrea Ricci)

- Advertisement -

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox