Federal Reserve Has No Interest in Stopping Bitcoin, Says Richmond Fed President
Source: CNBC. In an appearance on CNBC, Richmond Federal Reserve president Jeffrey Lacker noted that the fed simply doesn't have any interest in stopping bitcoin. Lacker calls the digital currency "private money" and doesn't see why the fed should have to do anything about it. "They're going to have trouble gaining market share if its value's going to fluctuate so much, but it'll be interesting to watch," said Lacker. "It's a free market and I don't see why they have an interest in stopping it." But some may question the authenticity of such statements. Does the fed really not care to do....
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The Federal Reserve Bank of Richmond has published an interesting paper surround bitcoin and digital currencies (which they refer to as 'private currencies') as a whole. "At first glance, bitcoins lack the inherent value of government authority to get them off the ground as an accepted currency," the paper states. "But in surprising ways, they resemble the gold and silver coins of ancient times." The report goes on to state most of what we've been reporting, quite frankly. Uncertain regulation reminiscent of the early days of the Internet, in which many people had no idea how laws applied,....
It's not every day that you hear about a high-level official at the United States Federal Reserve speak of bitcoin. After all, they do have other things like the U. S. dollar to worry about. But the 12th President of the U. S. Federal Reserve Bank of Minneapolis Narayana Kocherlakota expressed interest in the digital currency whilst speaking at a town hall that took place at North Dakota State University, reports Reuters. Kocherlakota views the bitcoin technology as interesting, but doesn't exactly feel the same way when it comes to its use as a currency. Mr. Kocherlakota reportedly....
The Federal Reserve Board of Governors and several Federal Reserve Banks are actively working on the digital dollar. Legislation has proposed that each American could have an account at the Fed for transacting in the central bank digital currency. Several Digital Dollar Initiatives The president of the Federal Reserve Bank of Cleveland, Loretta J. Mester, outlined the Fed’s work on the country’s central bank digital currency (CBDC) during a speech at the 20th Anniversary Chicago Payments Symposium on Wednesday. Noting that the experience with emergency payments led by the....
Minneapolis Federal Reserve President Neel Kashkari says crypto is “95% fraud, hype, noise, and confusion.” He added, “I’ve not seen any use case other than funding illicit activities like drugs and prostitution.” Federal Reserve Bank of Minneapolis’ President Says Crypto Is ‘95% Fraud, Hype, Noise and Confusion’ Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, talked about bitcoin and cryptocurrency Tuesday at the Pacific Northwest Economic Regional Annual Summit in Big Sky, Montana. Responding to a question about....
A representative of the US Federal Reserve spoke out about bitcoin today at a town hall meeting at North Dakota State University, Reuters reports. Addressing the audience, Minneapolis Federal Reserve Bank President Narayana Kocherlakota indicated he is interested in bitcoin's underlying technology, but not its use as a currency. Kocherlakota also responded to the suggestion that bitcoin could ever become a legitimate competitor to the US dollar, stating: "That's where I think the interest of it is, myself, as opposed to a new currency that's going to drive the US dollar out of....