Powell: Digital currencies will require new regulations

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

Federal Reserve Chair Jerome Powell said 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 Wednesday 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.

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