Christopher Waller: "Stablecoins are too developed, to ignore them " – Bits Media

Federal Reserve Board Member Christopher Waller said, that stablecoins can be issued by banks and tech companies. To do this, you need to work out a clear regulation of stablecoins.

Speaking at conference in Cleveland, dedicated to financial stability, Christopher Waller (Christopher Waller)
spoke out in support of stable cryptocurrencies. He called them the most striking example of new and rapidly developing payment technologies, Therefore, he thinks, that the regulatory authorities must develop the regulation of stablecoins now. Waller is sure, That this will protect the financial system and the US economy.

Otherwise, the emittenes of stablecoins can move to other jurisdictions, and American regulators will no longer be able to influence them. Waller supported the actions of the working group in financial markets under the US President, headed by the Minister of Finance Janet Yellen (Janet Yellen) and working on the creation of rules for regulating stablecoins.

A few months ago, a member of the Board of FRS directors expressed doubts about the advisability of launching digital currencies with central banks. Now Waller counts, that I was mistaken, when I criticized the possibility of launching stablecoins with central and commercial banks, as well as other financial institutions. He noted, that the US payment sector is flourishing, since it contributes to the development of innovation, And these innovations should come from banking institutions, and from technological firms.

“It is necessary to enable suppliers of innovative services to compete with other systems and banks, This is necessary to regulate. Stebblecoins have become too developed, to ignore them ", - said Waller.

Last year, congressmen submitted a bill to regulate stable cryptocurrencies, according to which their issuers are required to receive a banking license, as well as the approval of the US Federal Reserve and other departments. However, Waller believes, that firms, starting stablecoins, it is not necessary to adhere to a full set of banking rules, Since many of these rules are focused on issuing loans, not for payments. Cryptocurrency wallet operators should not be restricted, applied to banks, Since they are not engaged in credit activities, Waller concluded.