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 <p><span data-preserver-spaces="true">According to Barr, the payment systems in the U.S. need to meet fundamental principles. The Federal Reserve has an essential role as the supervisor and payment operator.</span></p>  
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 <h2 id="span-data-preserver-spaces-true-support-for-responsible-innovation-span"><span data-preserver-spaces="true">Support For Responsible Innovation</span></h2> 
 <p><span data-preserver-spaces="true">In his statement, Barr emphasized the importance of ensuring the continued safety and efficiency of the U.S. payment systems with the ongoing innovations in the finance industry.</span></p> 
 <p><span data-preserver-spaces="true">Talking about the potential of CBDCs, Barr spoke about the Federal Reserve’s active efforts in implementation of the centrally monitored cryptocurrency.</span></p>  
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 <p><span data-preserver-spaces="true">However, he also made it clear that the Feds have yet to decide on the issuance of CBDCs. The issuance will require support from the executive branch and congressional authorization.</span></p> 
 <p><span data-preserver-spaces="true">Speaking about stablecoins, Barr emphasized that he remains concerned about the issuance of stablecoins without strong Federal oversight.</span></p> 
 <p>Also Read:&nbsp;Breaking: US CFTC Settles Largest Bitcoin Forex Fraud Case in History</p> 
 <h2 id="span-data-preserver-spaces-true-the-stablecoin-conundrum-span"><span data-preserver-spaces="true">The Stablecoin Conundrum</span></h2>  
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 <p><span data-preserver-spaces="true">Barr says, “When an asset is pegged to a government-issued currency, it is a form of private money. When that asset is also used as a means of payment and a store of value, it borrows the trust of the central bank.”</span></p> 
 <p><span data-preserver-spaces="true">According to Barr, the Federal Reserve has previously issued guidance on the process for Fed-supervised banks to seek a non-objection before dealing with “dollar tokens.”&nbsp;</span></p> 
 <p><span data-preserver-spaces="true">The guidance aims to provide clarity for banks engaging with stablecoins while ensuring that banks have proper risk management systems and cybersecurity measures in place.</span></p> 
 <p><span data-preserver-spaces="true">“If non-federally regulated stablecoins were to become a widespread means of payment and store of value, they could pose significant risks to financial stability, monetary policy, and the U.S. payments system.” Micheal Barr.</span></p> 
 <p><span data-preserver-spaces="true">Looking ahead, Barr said the Federal Reserve will continue to explore new technologies to advance payment systems, which involves the continuous study of ledger technology.</span></p> 
 <p>Also Read:&nbsp;BREAKING: VISA Expands Its USDC Stablecoin Settlement to the Solana Blockchain</p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/fed-s-micheal-barr-pushes-for-stablecoin-regulation-tbt62079.html">https://thebittimes.com/fed-s-micheal-barr-pushes-for-stablecoin-regulation-tbt62079.html</a></p>

Fed's Micheal Barr Pushes For Stablecoin Regulation

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