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New York Times (September 9)

2021/ 09/ 10 by jd in Global News

“The crypto revolution is bringing financial services to the unbanked, but not without risks.” The crypto “market is expanding quickly — in all sorts of directions,” giving rise to new “Shadow Banks.” Crypto customers “can earn much higher interest rates than at traditional banks, and they can borrow money, using crypto as collateral, often with no credit checks,” but the potential dangers include hacks, fraud, and the lack of FDIC protection for deposits.

 

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