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- The Federal Reserve System is studying the risks associated with Stablecoin
- Jerome Powell, the chairman of FED, vocalizes about being right and will not validate any digital currency in a hurry
- Ripple looks for CDBC issuance and put forward XRP Ledger
During a webinar organized on Thursday, the FED’s chairman stated that the USA’s central bank does not want to make any decision in a hurry. All the ongoing work regarding stablecoin is prioritized. The potential regulations on Stablecoin need to be reviewed in detail.
Stablecoin Regulation and CDBC calls FED’s attention
All the stablecoins and digital currencies possess numerous risks which needs to be reduced. The central bank deals with multiple other global banks, and currently, the work is progressing globally due to the popularity of stablecoins. The fame of stablecoins may increase overnight; therefore, FED has geared up to act as a regulator. Furthermore, he stated that due to the overnight craze, they have to do immense research about the consequences regarding the stablecoins. The risk management is on the shoulder of FED as an official institution, and naturally, the public expects a lot. He added that CDBC and regulator development might require extra time as they are studying it carefully in a detailed manner.
XRP Ledger from Ripple comes in the line for validation of CBDC
Another runner in the CDBC race is XRP Ledger from Ripple. A blockchain company coming from San-Francisco wants XRP Ledger as a part of CDBC. Ripple has stated various points in favour of XRP as a CDBC, few of them are as follows:
- The unique and exchangeable nature of XRP can levy various stablecoins, and it can be issued by banks.
- Easy to use
- Possess rich management service
- The creation, management and issuance are super comfortable.
Simultaneously, the trading value of XRP lies at $0.29, and this value has been stagnant for a few days. This critical level needs to be broken, and many attempts in the same were unsuccessful.
In the coming future, the value of XRP needs to rise at max $0.4 for any action.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
