FILE PHOTO: The Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 27, 2019. REUTERS/Brendan McDermid/File Photo
WASHINGTON (Reuters) - Federal Reserve Chair Jerome Powell flagged the risks of cryptocurrencies in an unusual video message on Thursday that also laid out a clearer timetable for the Fed to consider adopting a digital currency of its own.
Highlighting the fast advances in financial technology and the potential benefits involved, Powell said that cryptocurrencies, stablecoins and other innovations "may also carry potential risks to those users and to the broader financial system."
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