Is your cash safe in digital wallets? CFPB chief says more regulation needed ...Middle East

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Is your cash safe in digital wallets? CFPB chief says more regulation needed
After high-profile bank collapses sent shockwaves through the banking system last month, regulators also hold some concerns about digital wallets and money transfer apps that consumers often use as bank accounts. “I’m very worried," said Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), during a Tuesday event hosted by the Washington Post. "A lot of people are storing money in peer-to-peer apps and online payment systems," he continued. “Apps like CashApp, Venmo, Paypal have become part of the digital wallets of so many Americans, but many may not know whether those funds are insured or not.” Many of these apps are regulated as money transmitters — co

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