The Federal Reserve Bank of New York launched the New York Innovation Center (NYIC) to build and test fintech, such as CBDC (central bank digital currencies, stablecoins, and cross-border payments.
Find out why the Federal Reserve governor thinks the so-called stablecoins can match the stability of conventional currencies.
CBDCs have not been tested on a large scale and could lead to further issues in emerging markets instead of addressing the ones other fintech innovations are tackling according to BIS.
Senator Cynthia Lummis (R-Wyo.) bought Bitcoin worth $50,001-$100,000.
There has been a lack of progress by almost 50 jurisdictions on stablecoin regulations globally.
The optimism that was seen earlier in the week seems to have dwindled after recent comments from U.S Federal Reserve Chairman Jerome Powell confirmed that the central bank would soon start to taper its monetary policy of easing and bond buying.
The stablecoin sector, which is currently valued at $133 billion, does not serve any significant payment scale.
International regulators want more scrutiny on stablecoins. This comes as there continues to be increased growth and interest worldwide.