Powell: Digital currencies will require new regulations

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Wednesday that new forms of digital money such as cryptocurrencies and stablecoins present risks to the U.S. financial system and will require new rules to protect consumers. Powell, speaking on a panel organized by the Bank for International Settlements, a global organization of central bankers, also said that new technologies will likely make electronic payments cheaper and faster. But they could also destabilize existing financial institutions, he said.