Page 13 - aruba-today-20220325
P. 13
BUSINESS Friday 25 March 2022
A13
Powell: Digital currencies will require new regulations HEALTH
DOCTOR ON DUTY
bility and national security. coins or crypto "may not Oranjestad
His order came as several fully understand the extent
Democratic senators, in- of their potential losses, Hospital 7:00 pm / 10:00pm
Tel. 527 4000
cluding Elizabeth Warren or that these investments
from Massachusetts, have generally lack the gov- San Nicolas
raised concerns that cryp- ernment protections that Imsan 24 hours
to could be used to evade accompany many of the Tel.524 8833
U.S. sanctions on Russia. traditional financial instru- Women in Difficulties
In his remarks, Powell out- ments and services that PHARMACY ON DUTY
lined several risks that stem they're used to," Powell Oranjestad:
from the growth of digital said.q Central Tel. 585 1965
finance, including to con- San Nicolas:
sumers and the broader For Sale by Owner Seroe Preto Tel. 584 4833
Women in Difficulties
Federal Reserve Chairman Jerome Powell testifies before the financial system. Caribbean Palm Village Resort OTHER
Senate Banking Committee hearing, Thursday, March 3, 2022 on Americans who buy stable- Wk 50-2Br/28th, $1,900 Dental Clinic 587 9850
Capitol Hill in Washington. Wks 51852-/2Br/28th, $2,900 Blood Bank Aruba 587 0002
Associated Press
Wks 51&52/1Br/2Bth, $1,900 Urgent Care 586 0448
By CHRISTOPHER RUGABER frameworks." Wk 52-1Br/2Bth, $2,500 Walk-In Doctor’s Clinic
AP Economics Writer Stablecoins are a type of Wk 11-2Br/2Bth, $1,900 +297 588 0539
Women in Difficulties
WASHINGTON (AP) — Fed- cryptocurrency usually Wk 12-1 Br/2Bth, $1,200 EMERGENCY
eral Reserve Chair Jerome tied to the dollar or a com- Wk 13-2 Br/2Bth, $1,300
Powell said new forms of modity such as gold. Cen- contact: Police 100
digital money such as cryp- tral bank digital currencies sales.aruba@hotmail.com Oranjestad 527 3140
527 3200
Noord
tocurrencies and stable- are digital forms of dollars ________________________________215061 Sta. Cruz 527 2900
coins present risks to the or other currencies, issued San Nicolas 584 5000
U.S. financial system and by governments. The Fed For Sale by Owner Police Tipline 11141
will require new rules to pro- is researching digital dol- Eagle Aruba Resort & Casino Ambulancia 911
tect consumers. lars but has not yet made Weeks 2,3,4 Fire Dept. 115
Powell, speaking Wednes- a decision on whether to is- Two Bedroom Suite Red Cross 582 2219
day on a panel organized sue one. It released a study Unit #3508 TAXI SERVICES
by the Bank for Interna- on stablecoins in January. $12,950.00 per wk Taxi Tas 587 5900
tional Settlements, a glob- Powell did not provide contact Prof. Taxi 588 0035
al organization of central any details of what kind sales.aruba@hotmail.com Taxi D.T.S. 587 2300
bankers, also said that of regulations might be _______________________________215098 Taxi Serv. Aruba 583 3232
new technologies will likely needed. He did say that A1 Taxi Serv. 280 2828
make electronic payments they ought to follow the Women in Difficulties
cheaper and faster. But principle of "same activity, TRAVEL INFO
they could also destabilize same regulation," meaning Aruba Airport 524 2424
existing financial institu- that transactions outside American Airlines 582 2700
tions, he said. the traditional banking sys- Avianca 588 0059
"Our existing regulato- tem should be regulated Jet Blue 588 2244
ry frameworks were not the same as they are when Surinam 582 7896
built with a digital world executed by banks. Women in Difficulties
in mind," he said. "Stable- Earlier this month, President AID FOUNDATIONS
coins, central bank digital Joe Biden signed an ex-
currencies, and digital fi- ecutive order directing the FAVI- Visually Impaired
Tel. 582 5051
nance more generally, will Treasury Department and
require changes to exist- other federal agencies to Alcoholics Anonymous
ing laws and regulation or study the impact of crypto- Tel. 736 2952
Narcotics Anonymous
even entirely new rules and currency on financial sta- Tel. 583 8989
Fundacion Contra Violencia
Relacional Tel. 583 5400
Centre for Diabetes
Tel. 524 8888
Child Abuse Prevention
Tel. 582 4433
Quota Club Tel. 525 2672
Women in Difficulties
General Info
Phone Directory Tel. 118
facebook.com/arubatoday/