The U.S. government panel of senior financial regulators has warned against stablecoin and cryptocurrencies risk on the world economy. The Financial Stability Oversight Council (FSOC) had published an Annual report on Dec 4, 2019. According to the regulators, disruption of the stablecoin system will affect the payment system adversely if stablecoin are to be made a mode of payment. Moreover, The FSOC are doubtful of how Bitcoin and other cryptocurrencies can take over the fiat currency system. The FSOC said, “Some early efforts have not resulted in the anticipated efficiency gains and other promised benefits. As a result, they have been scaled back, refocused, or abandoned.”
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