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Ex-Ripple Advisor Meets with ECB's Lagarde

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Thu, 22/06/2023 - 20:12
Ex-Ripple Advisor Meets with ECB's Lagarde
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Michael S. Barr, the ex-Ripple advisor and current Federal Reserve Vice Chair for Supervision, met with European Central Bank President Christine Lagarde in Frankfurt on Wednesday, according to a recent tweet from the latter. This meeting has resulted in some buzz within the XRP community. 

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Lagarde, a long-time financial industry influencer, is known for her nuanced stance on cryptocurrencies.

While she has been critical of Bitcoin and other private cryptocurrencies, expressing concerns about their environmental impact, potential misuse for money laundering, and the risks to uninformed investors, she has simultaneously advocated for central bank digital currencies (CBDCs).

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The meeting with Barr, who served as an advisor for Ripple Labs, a significant player in the digital currency space, is likely to spur speculation about the ECB's future stance on digital currencies.

Barr, who served as an advisor for Ripple Labs from mid-2015, and took office as the Vice Chair for Supervision of the Board of Governors of the Federal Reserve System in 2022, has a profound understanding of financial regulations and international finance.

The details and outcomes of the meeting have not been disclosed, but the crypto community will be watching closely. The implications of this meeting could range from further development and possible acceleration of the ECB's exploration of CBDCs to a more nuanced approach to the regulation of private cryptocurrencies

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