Fed’s Quarles says digital currencies pose financial stability risks

WASHINGTON (Reuters) – Randal Quarles, the Federal Reserve’s vice chair for supervision, warned that digital currencies like bitcoin could pose “more serious financial stability issues” if adopted widely.

In a speech Thursday, Quarles said central banks should be cautious in issuing their own digital currencies, and that the matter requires extensive review. He said he was “particularly concerned” potential central bank digital currencies could face issues related to money laundering, terrorist financing, and cyberattacks.

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