New Report Details Bitcoin's Potential Threat to the Federal Reserve

New Report Details Bitcoin's Potential Threat to the Federal Reserve

The Congressional Research Service, aka "Congress' Think Tank," recently made public their report on Bitcoin, Bitcoin: Questions, Answers, and Analysis of Legal Issues. The fascinating report details in sparkling prose the history, uses, threats and regulatory implications of the world's best-known cryptocurrency. The report's most interesting part deals....


Related News

Federal Reserve Faced Hundreds of Cyber Attacks Since 2011

According to a report from the Federal Reserve, the financial institution has faced over 300 cyber attacks between 2011 and 2015. This number is quite significant, but it is not surprising in the last, as hackers have taken a liking to attacking financial institutions. Although the report is only available in heavily redacted format, Reuters has managed to extract some interesting details. In several dozen occasions, somebody managed to access information that was beyond their level of authorization. Most of these attacks were executed by hackers and spies, though, rather than people....

Federal Reserve: Bitcoin Potential 'Boon' for Global Commerce

The Federal Advisory Council (FAC), a group that consults with the Federal Reserve on all matters under the US central bank's jurisdiction, and the Federal Reserve Board of Governors recently discussed bitcoin and its potential benefits at a quarterly meeting. Held on 9th May, the FAC and the Board of Governors debated whether bitcoin posed a threat to the traditional banking system, economic activity or financial stability, ultimately issuing a surprisingly positive two-and-a-half-page assessment of the technology. Perhaps most notably, the meeting focused on how bitcoin could empower a....

Federal Reserve Report Focuses on Blockchain, Pigeonholes It As “Specific Type of Distributed Ledger”

In its highly anticipated report on Blockchain technology, the Federal Reserve described the potential of the distributed ledger technology (DLT) in the settlement of payments, assets and clearing, emphasizing the importance of immutability, transparency and proper security measures. Fed’s interest in Blockchain. The Federal Reserve is interested in the implementation and integration of Blockchain or distributed ledger-based systems for transaction settlement and clearance. The Fed noted that if US PCS systems, that process around 600 mln transactions worth $12.6 trillion annually, adopt....

Federal Reserve Bank President James Bullard Confident Bitcoin Not a Threat t...

The president of the Federal Reserve Bank of St. Louis, James Bullard, has shared his view on the future of bitcoin. He is confident that the cryptocurrency poses no threat to the U.S. dollar. Referencing the unpopularity of various versions of dollars issued before the Civil War by banks, Bullard predicts the same fate will happen to bitcoin. St. Louis Fed’s President Says Bitcoin’s Popularity Won’t Threaten the Dollar James Bullard said in an interview with CNBC last week that increasing interest in bitcoin, coupled with all-time high prices, does not pose a threat to....

Federal Reserve Report Says Private Ledgers Better Than Open

The U.S. Federal Reserve is showing strong interest in attributes of distributed ledger technology (DLT). The private central banking entity has just released a paper that explores the agencies research on blockchain based settlement. Federal Reserve Research Team Paper Focuses on Blockchain Technology. The report issued by the Federal Reserve Board....