X

Short Take: FDIC won't cover smart cards

The Federal Deposit Insurance Corporation will not propose new regulations on whether electronic cash stored on smart cards is covered by deposit insurance. In August, the agency ruled that e-cash on smart cards generally does not qualify for coverage, although it detailed an exception. The agency will rely on that ruling unless it confuses consumers, in which case it might reconsider regulations or new laws.

CNET News staff
The will not propose new regulations on whether electronic cash stored on smart cards is covered by deposit insurance. In August, the agency ruled that e-cash on smart cards generally does not qualify for coverage, although it detailed an exception. The agency will rely on that ruling unless it confuses consumers, in which case it might reconsider regulations or new laws.