Officials of the US Ministry of Finance discuss Risks and advantages of stablecoins with players from the financial industry-regulation
Officials of the US Ministry of Finance discuss Risks and advantages of stablecoins with players from the financial industry-regulation
The US Ministry of Finance is said to have held meetings with participants from the country's financial industry in order to discuss "the risks and advantages of stablecoins". In addition, civil servants are said to have used the meetings to discuss "whether stable coins would require a direct supervision if they become extremely popular".
political decision -makers alarmed by growth of the cryptoma market
according to a test report follow the meetings of a "rapidly expanding cryptocurrency market in April. has". According to reports, this quick growth of both cryptocurrencies and stable coins alerted political decision -makers in Washington. It also alarmed central bankers such as the President of the Boston Federal Reserve, Eric Rosengren, the claims that StableCoins could be a "disruptor" for first-class money market funds.
As a result, the US financial officials and actors in the financial industry are said to have “discussed in the past week in one of the two meetings, how the supervisory authorities should try to reduce the risks that too many people are trying to redeem their stable coins at the same time”. .. " They also discussed whether large stable coins should be covered by traditional assets.This Friday meeting between finance officials and industry participants takes place, since the US finance supervisory authorities are now working on understanding the risks and opportunities that represent cryptocurrencies for the traditional US financial system. It is also believed that the officials met with a group of banks and credit cooperatives at the beginning of this week to discuss similar questions.
supervisory authorities that monitor stable coins
The report that quotes an anonymous source said that officials from the US Ministry of Finance also surveyed the industry participants "how stable coins should be structured, how they could be used, whether the current framework of regulation is sufficient and other questions of security and solidity."
However, the report explains that "officials apparently collected information and did not share their opinion on regulating stablecoins". However, there is an expectation that the information collected will probably help to create a comprehensive report by the Ministry of Finance on StableCoins, which is expected in the coming months. "
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