“The U.S. is studying the potential risk from online payment mechanisms like PayPal and Bitcoin, a top US Federal Reserve official told an international conference on Monday. Some bankers have expressed worries that newer players in the online marketplace could have negative implications for the financial system. ‘We have been talking… with banking organisations over the last year or two, trying more carefully to understand what the concerns are with these new payment mechanisms,’ Federal Reserve Vice Chair Janet Yellen said. Some officials fear the virtual currency can be used by criminals or terrorists, or could be vulnerable to hackers.”
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