Fed vice president of surveillance urges banking regulators to pay more attention to cryptocurrency

The Federal Reserve's senior surveillance official has urged banking regulators to pay more attention to cryptocurrencies and fixed currencies. Their comments follow a number of major banks that have announced to their customers that they will be offering products based on cryptocurrencies, especially bitcoin. The Fed manager says banking regulators should focus more on cryptocurrency. Randal Quarles, Vice President of Federal Reserve Oversight, spoke about cryptocurrency at a conference organized by Options Clearing Corporation last week. He urged regulators to pay more attention to stablecoins and cryptocurrencies. Quarles took office as a member of the Federal Reserve board in 2017 and was sworn in as vice president of oversight on October 13 of the same year. He is also the Chairman of the Financial Stability Board (FSB). His comments came after several US banks, such as Morgan Stanley and Goldman Sachs, who announced that they would provide access to cryptocurrencies, particularly bitcoin-based investment products, to their high net worth customers. Quarles said the rise of cryptocurrencies and stablecoins is "one of the most interesting developments" in financial markets. However, I think the in-depth attention paid to these issues in many political debates is not as robust as I would like. "The relentless advancement of technology is a great opportunity, but also a challenge for the control of the financial system." Said. The senior Federal Reserve observer admitted that policymakers spent most of the last year responding to the Covid-19 outbreak and did not have much time to investigate cryptocurrency regulations. “As these problems are getting bigger and I understand why,” he explained, “there have been a lot of other things people have to think about in the past year, and I understand why.” next few years

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