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Stablecoins Not Ready for Consumer Payments, US Watchdog Says

  • CFPB chief says Terra collapse raises doubt about stablecoins
  • Chopra says movement on crypto regulation likely this year
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WATCH: Rohit Chopra, director of the Consumer Financial Protection Bureau, discusses the viability of stablecoins for use as consumer payments.Source: Bloomberg
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The recent collapse of a popular stablecoin shows that the tokens aren’t ready to be used by consumers to make payments, according to a key US watchdog. 

“People wonder: Is it going to be one day used for consumer payments?” Rohit Chopra, director of the Consumer Financial Protection Bureau, said in a Bloomberg TV interview Monday. “Many are thinking it’s not ready yet.”