Donald Trump criticized Federal Reserve Chair Jay Powell, calling him “dumb” and a “moron,” while central bankers, including the Bank for International Settlements (BIS), defended Powell and criticized stablecoins as inferior substitutes for money. The BIS warned that choosing stablecoins could lead society to repeat historical mistakes related to unsound money, despite their rapid growth driven by their role in cryptoasset ecosystems and deficiencies in traditional payment systems.
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