Federal Reserve Bank VP: We're a Protocol Just Like Bitcoin
An interest in bitcoin and digital currency makes Federal Reserve Bank of St Louis vice president and research director David Andolfatto something of a rarity among Fed officials. However, while he may see the technology's big picture, why he believes bitcoin is potentially transformative doesn't exactly fall in line with the common mantras of the community. Take, for instance, the claim that bitcoin is part of a long-term trend toward "digital money", one Andolfatto delights in debunking. Today, virtually all money used by the private banking sector, and all the money in modern economies,....
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Hardly anyone ever expected to use the terms Federal Reserve and Bitcoin in the same sentence in a positive manner. As it turns out, the Fed has been quite open to Bitcoin and blockchain as of late, but there is still a lot of work to be done. On the first of June 2016, there was a fintech conference for central bankers at the Federal Reserve premises. With roughly 100 attendees from the central banking world, the topic eventually turned to Bitcoin and blockchain. While the crowd seemed very open to the idea, there is still a lack of understanding regarding the technology of blockchain.....