WASHINGTON — Regulators should let private companies develop new payment systems, such as smart cards and Internet-based person-to-person transaction technologies, with as little red tape as possible, a Federal Reserve Board official said Wednesday.

“In a dynamic economy, markets need to play a key role in guiding the development of infrastructure, including mechanisms like payments systems,” Fed Vice Chairman Roger W. Ferguson Jr. said at a workshop on electronic payments sponsored by the Federal Reserve Bank of Chicago.

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