Fed's Barr says crypto needs 'guardrails' to realize benefits

WASHINGTON : The top regulatory official for the U.S. Federal Reserve said cryptocurrency technology still could have"potential transformative" effects on the financial system, but needs"guardrails" to realize them.

U.S. bank regulators, including the Fed, have taken several steps in recent months to ensure banks are approaching the crypto sector with caution, including requiring banks to flag any crypto activities to regulators before proceeding, and warning firms that crypto deposits can be particularly volatile.

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