Federal Reserve Governor: The Fed's view on AI and cryptocurrencies is about to change 1p

Federal Governor Bowman said banks and regulators must accept the benefits of new technologies such as artificial intelligence and cryptocurrencies, otherwise their economic role may be weakened. "Changes are coming," she said in her speech. She said ideally, regulators would allow new uses to "surge in ways that benefit the banking system." "If this is not what we do, then we may face the risk of a decrease in the correlation between the banking system and consumers, businesses and the economy as a whole."

Bowman calls on the industry to help regulators better understand blockchain and digital assets, as well as the potential of new technologies to address fraud, etc. She also said she would seek to reduce regulatory scrutiny related to reputational risks, suggesting new rules may be formulated