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Powell Flags Risks of New Digital Financial Products – The Wall Street Journal

Federal Reserve Chairman Jerome Powell said the central bank supported innovation in digital financial products but warned that it is “easy to see the risks” of certain new technologies, including cryptocurrencies, that would demand a regulatory overhaul.

Mr. Powell said Wednesday that some of these innovations would require changes to existing laws and regulations to ensure proper oversight of the broader financial sector. He spoke during a panel discussion with other central bank governors hosted by the Bank of International Settlements.

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