The governor of the US Federal Reserve argues against the submission of stable coins under the full bank regulation-regulation
The governor of the US Federal Reserve argues against the submission of stable coins under the full bank regulation-regulation
The governor of the Federal Reserve Board, Christopher Waller, says that stable coins do not have to be regulated according to the same rules as banks. He contradicts some recommendations for the stable coin regulation of the President of the President of Financial Markets. He explained that banks should be able to spend stable coins, but not all stable coin emitters have to be banks.
Waller of the FED does not agree that stable coins must be regulated with complete bank regulation
The governor of the Federal Reserve Board, Christopher Waller, spoke on Wednesday during a virtual conference organized by the Cleveland Fed on the regulation of stable coins.
He emphasized that "the regulatory and supervisory framework for Payment StableCoins should address the specific risks that these agreements bring- directly, completely and closely", he noted:
It does not necessarily mean to impose the complete banking rulbook, which is partly geared towards credit transactions and not to payments.
Waller said that he did not agree with some recommendations from the President of the President of Financial Markets (PWG).
The PWG published a report on stable coins on November 1st, in cooperation with the Office of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). The report calls for the introduction of a bank -like regulation for stable coins with a feeling of urgency.
Waller said that he agreed that banks can issue stable coins, but does not agree that only banks may issue them.
Waller also commented on the digital currencies of the central banks (CBDCs), which examines the Federal Reserve with the aim of publishing a report on a digital dollar in the near future.
The Fed governor said that he was still skeptical about the need for a CBDC, and argued that the Fed should not create CBDC with the aim of reducing payment costs. He also found that there are already "real and quick innovations" in the payment area.
In October,he said that a digital dollar would bring the Fed in direct competition with commercial banks and questioned whether this was a good idea. "I remain skeptical that a CBDC of the Federal Reserve would solve any major problem with which the US payment system is confronted," he said meant .
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