Categories: CryptoNews

San Francisco FED President Says Terrorist Financing Could be Made Easier with Digital Currencies

In a speech delivered on April 12 at the LendIt USA 2016 conference in San Francisco, John Williams, President and CEO of the San Francisco Federal Reserve, spoke about the potential benefits and pitfalls of fintech technologies as well as digital currencies.

In his speech, the FED president said that many fintech technologies hold the keys to solving many “long-standing challenges” and that advances in payment technologies can open the doors of the financial system to “economically disadvantaged communities”.

Williams also spoke about how the big data industry can leverage its expertise to combat money laundering and terrorist financing in the financial system, “Advanced data analytics could provide powerful tools to increase both the efficiency and efficacy of these efforts.” said Williams.

However, the majority of his speech

focused on the potential issues that the sector may bring, specifically highlighting the risks of digital currencies:

“The other side of that coin, of course, is that, left unbridled, the ease and anonymity of some types of fintech, such as digital currencies, have the potential to make criminal and terrorist activity even easier.”

The speech made no mention of the possible benefits of digital currencies. Williams concluded his speech by reinforcing the need for adequate regulations for fintech innovations and stated that a “level playing field” was necessary for maintaining the efficiency of the financial system.

Related Post

Williams said in his closing remarks:

“As a matter of principle, if it walks like a duck and quacks like a duck, it should be regulated like a duck.”

 

Image credit: 1

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Traderman

Avid blogger, entrepreneur, and cryptocurrency enthusiast. I love writing about cryptocurrency, NFTs, price analysis, and much more!

Share
Published by
Traderman

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

3 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

3 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

4 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

4 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

8 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

9 hours ago