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WSJ, September 20, 1996, p. A16.
Fed Chief to U.S: Back Off On Electronic-Cash Rules
Washington -- Regulators should stay out of the way and let
the market for electronic money develop without government
meddling, said Alan Greenspan, chairman of the Federal
"The private sector will need the freedom to experiment
without broad interference from the government," he told a
government conference on electronic cash yesterday. Too
much interference could impede innovation, he said.
Bank debit cards, along with other forms of electronic
payments, "account for a very small percentage of
transactions," he said. "Even the use of popular credit
cards has only recently begun to challenge paper's