Federal Reserve Chairman: Potential stablecoins need better regulation, digital currencies are still being studied
Rhythm BlockBeats news, on January 15, Federal Reserve Chairman Jerome Powell (Jerome Powell) described the central bank's work on stablecoins as "very high priority" at a conference focusing on central bank digital currencies . "Clearly we need better regulation of potentially global stablecoins, and as you know, we've been very focused (in this space)."
Jerome Powell’s comments suggest that the Fed’s stablecoin strategy is still in flux, and it sees the need to identify potential risks and how to mitigate them.
"We're going to look at it very, very carefully," Powell said, reiterating that any potential Fed creation will constitute a multi-year process. "We're determined to get this done right, not quickly, and it will take some time—years, not months."
According to the previous report by Rhythm BlockBeats , on January 5th, the United States Federally regulated banks can use stablecoins for payments and other activities, the Office of the Comptroller of the Currency (OCC) said.
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