Federal Reserve Governor: Fed's Views on AI and Cryptocurrency 'About to Change'

BlockBeats News, August 20, Federal Reserve Board Governor Bowman stated that banks and regulatory agencies must embrace the benefits of new technologies such as artificial intelligence and cryptocurrency; otherwise, their role in the economy could be undermined.

In her speech, she said, "Change is coming." She suggested that ideally, regulatory agencies would allow new use cases to "skyrocket in a way that benefits the banking system." She added, "If this is not our approach, then we may face the risk of the banking system's relevance to consumers, businesses, and the overall economy diminishing."

Bowman called on the industry to help regulatory agencies better understand blockchain and digital assets, as well as the potential of new technologies to address issues such as fraud. She also indicated that she would seek to reduce regulatory scrutiny related to reputational risk, hinting at the possibility of new rulemaking. (FXStreet)