Federal Reserve Vice Chairman Barr Addresses Stablecoin Concerns and Highlights Fed's Role in Financial Innovation

Federal Reserve Vice Chairman Barr Addresses Stablecoin Concerns and Highlights Fed's Role in Financial Innovation



At the Philadelphia Fed's fintech gathering on September 8, Michael Barr, the Vice Chairman of the Federal Reserve Bank, shared his "serious reservations" about stablecoins and lauded ongoing legislative measures aimed at regulating them. Discussing the Federal Reserve's role in financial innovation, Barr briefly touched upon the bank's research and regulatory duties, citing the FedNow Service as an example.



Barr clarified that the Federal Reserve is actively exploring the topic of central bank digital currencies (CBDCs). His description of the research concentrated on foundational studies that could potentially underpin a CBDC payments infrastructure or offer improvements to the existing payments landscape.



Barr's talk also highlighted aspects like ledger-based transaction recording systems and tokenization frameworks. On the


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