‘Barr of Fed Advocates Implementation of ‘Guardrails’ in Crypto for Maximizing Benefits’

The US Federal Reserve’s Vice Chair for Supervision, Michael Barr, has stated cryptocurrency technology could still be “transformative” for the financial system, so long as it is regulated. Following recent turmoil in crypto markets, Barr commented that crypto still presented a risk to traditional banks, but added that the impact had been limited by regulatory caution. Both the Fed and other US bank regulators have encouraged caution in approaching the crypto sector, and have required banks to inform regulators before engaging in crypto activities, while warning against cryptocurrency deposits due to their volatility. However, Barr stopped short of stating that banks had no part to play in the crypto space, observing that regulators were currently considering which actions firms could take in the area while remaining safe. He highlighted the potential for cryptocurrency technology to improve efficiency and affordability in financial markets and payment systems.

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About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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