Federal Bank VP: Bitcoin Threat Means Banks Must 'Adapt or Die'

Federal Bank VP: Bitcoin Threat Means Banks Must 'Adapt or Die'

On 31st March, the Federal Reserve Bank of St. Louis - one of the 12 Federal Reserve banks - held a talk on bitcoin from a banking and economic viewpoint. The session, entitled 'Bitcoin and Beyond: The Possibilities and the Pitfalls of Virtual Currencies', was presented by economist David Andolfatto, who is Vice President at the bank and a professor at Simon Fraser University. Andolfatto offered some interesting insight into bitcoin from his perspective. Many aspects of the talk were positive about the digital currency, some were more negative, and overall the session was quite balanced.....


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