Fed’s Michael Barr calls for strong stablecoin regulation and says ‘we haven’t made a decision’ when it comes to CBDCs

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On Tuesday, Federal Reserve Vice Chair for Supervision Michael Barr sounded the alarm on the proliferation of private money backed by the U.S. dollar without regulation.

Speaking at D.C. Fintech Week, Barr warned that the expansion of stablecoins—a type of cryptocurrency generally pegged to a fiat currency like the U.S. dollar—needs oversight by the U.S. central bank.