NCUA Vice President Kyle Hauptman Supports Cryptocurrency and Stablecoin Development
Kyle Hauptman, vice chairman of the National Credit Union Administration (NCUA), recently expressed his support for cryptocurrencies and stablecoins in a speech. He emphasised that innovation is vital to the growth of credit unions, despite the potential negative impacts of new technologies.Hauptman noted that all new technologies have risks, just as the invention of the automobile brought about car crashes but drove changes in transportation. He also said that while cryptocurrencies have been linked to criminal activity in some circles, the illegal use of cash is just as widespread. In particular, he praised stablecoin for its ability to improve the antiquated payment system in the U.S., especially in the area of international payments.Hauptman's main goal is to ensure that credit unions can remain competitive and evolve, avoiding becoming obsolete like Blockbuster.
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