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Fed Reserve Official Michael Barr Calls for Stablecoin Regulation

US regulators are finally discussing the subject of fiat-backed digital assets, popularly known as stablecoins. According to Federal Reserve Vice Chair for Supervision Michael Barr, it’s imperative that stablecoins also fall under the supervisory oversight of the government. Presenting his idea at a Washington DC-hosted conference, Barr stated unequivocally that the ability of a stablecoin to be pegged to any government-issued currency makes it private money. Furthermore, these digitized fiat currencies serve as means of payment and value storage mechanisms, meaning they are borrowing the trust of the central bank. Barr has argued that stablecoins must be regulated in light of these strong indicators.

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