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Yellen: U.S. Fed can’t regulate bitcoin

Duncan Richardson, News Editor
28 Feb 2014, 10:43 a.m.

Janet Yellen, the new chair of the Federal Reserve announced yesterday that Fed does not have the authority to regulate bitcoin as it falls outside the banking system. The statement follows pressure from Democrat Senator Joe Manchins to regulate bitcoin and protect U.S. consumers.

During the address Yellen also discussed a number of other issues including recent U.S economic data, the political turmoil in the Ukraine and developments in payment technologies.

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