Yellen Says Stablecoins Require Proper Regulations

U.S. Treasury Secretary Janet Yellen said stablecoins could lead to greater efficiencies and contribute to easier payments, but required proper regulation.

“There are significant risks associated with them, including risks to payment systems and risks related to the concentration of economic power,” she said.Yellen and Federal Reserve Chairman Jerome Powell testified before a House panel Tuesday.During the discussion Powell said inflationary pressures remain high.“It is time to retire the word ‘transitory’ regarding inflation,” Powell told the panel.

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