Federal Reserve Chair: US Central Bank Can't Regulate Bitcoin
After months of silence on the matter, Federal Reserve chairwoman Janet Yellen has stated that the US central bank does not have the authority to regulate bitcoin. Yellen was appointed as chair of the Federal Reserve last October after she was nominated to replace Ben Bernanke. During an address to the Senate Banking Committee on 27th February, the top US banking official, said: "The Fed doesn't have authority to supervise or regulate bitcoin in any way." In her response, Yellen commented broadly on a score of issues including the impact of recent weather on US economic output, ongoing....
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Janet Yellen Source: United States Federal Reservce. In response to a letter sent yesterday from West Virginia Senator Joe Manchin [D] (which warned that Bitcoin could be used by criminals and could also disrupt the U. S. economy), Chair of the Board of Governors of the Federal Reserve System Janet Yellen has responded: and the long and short of it is that the Federal Reserve can't really do anything about it. "Bitcoin is a payment innovation that's taking place outside the banking industry. To the best of my knowledge there's no intersection at all, in any way, between Bitcoin and banks....
The Federal Reserve and European Central Bank should be given a mandate to monitor threats bitcoin and digital currency systems pose to the broader financial system, a new report from a Suffolk University researcher argues. Entitled "$=€=Bitcoin?", the report speculates as to the potential dangers that the more widespread use of bitcoin as a digital money with no government backing, analyzing how circumstances arise where this threatens national and international economies. The paper follows a February 2014 statement from Federal Reserve chairwoman Janet Yellen, who said that the US....