Fed's Barr calls stablecoins and private money like Bitcoin "extremely explosive" if not regulated

FXstreet
FXstreet

17 Nov 2023 5:14 PM

Bitcoin whales' consistent accumulation since the beginning of 2023 has resulted in addresses holding more than 1,000 BTC, accruing a total of 7.66 million BTC. ...

  • Federal Reserve Vice Chair for Supervision, Michael Barr, emphasizes the need for regulation of stablecoins and cryptocurrencies.
  • Barr believes that stablecoin innovation should be allowed within clear guardrails.
  • He states that banks are relatively safe from cryptocurrency risks due to their cautious approach.
  • Bitcoin whales have been consistently accumulating BTC, resulting in addresses holding over 1,000 BTC and accruing a total of 7.66 million BTC.

The overall sentiment of the article is mixed. While there is emphasis on the need for regulation and potential risks associated with stablecoins and cryptocurrencies, there is also optimism expressed by crypto investors and BTC whales.

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What is the stance of Federal Reserve Vice Chair for Supervision, Michael Barr, on stablecoins and cryptocurrencies?How are banks protected from cryptocurrency risks?What has been the trend of Bitcoin whale accumulation?What factors are expected to contribute to a bullish scenario for Bitcoin?

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