Author: MOS Finance Team – Leah
According to the news reprinted by Yahoo Finance, stablecoins have become an official topic of the U.S. Financial Stability Oversight Council (FSOC). The uber regulator is responsible for the direction of U.S. financial systems. The FSOC will discuss cryptocurrencies at its next meeting on Oct. 18, according to an agenda published Friday.
Stablecoins are cryptocurrencies whose value is tied to an existing currency or commodity. Members from FSOC will hear a report developed by a presidential working group in this private meeting. The report focuses on the use of Stable Currencies as a form of bank deposits, and also discussed whether the FSOC should conduct further research on the risks of such tokens as a financial stability tool.
Treasury Secretary Yellen leads both FSOC and the presidential working group. Members from both groups are heavyweights, including leaders from the Federal Reserve, the Securities and Exchange Commission, and other agencies.
In October the New Federal State of China’s Hcoin will be launched. Coincidence? We will see. Stay tuned.
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