Federal Reserve Official Michael Barr is urging for the regulation of stablecoins, stating that they should fall under government oversight. He argues that stablecoins, which are backed by government-issued currency, function as private money and rely on the trust of the central bank. Barr believes that stablecoins pose risks to financial stability and payment systems and should be subject to a prudential financial framework. He also mentions that the Federal Reserve has provided guidance to banks on how to engage with stablecoin products. Barr's remarks align with the growing belief among US regulators that the crypto space needs stronger regulation. The Federal Reserve has recently launched a program aimed at enhancing supervision of crypto assets and stablecoins. However, the decision to issue a central bank digital currency (CBDC) has not been made yet, and it ultimately lies with the US Congress and White House. In contrast, the European Central Bank has given the green light to prepare for a digital Euro.
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