Official Says Federal Reserve Could Benefit from the Bitcoin Blockchain
David Andolfatto, vice president of the Federal Reserve Bank of St. Louis, came out Monday with some words that should be encouraging to the Bitcoin world. He said that the open-source, transparent, decentralized management of the blockchain, the ledger that underpins all Bitcoin transactions, is a "stroke of genius." He believes the Federal Reserve could do a lot better job in being accountable to the public. Also read: Bitcoin Price and the Federal Reserve. He derided the notion that Bitcoin or other digital currencies are the future, however, and unequivocally stated that nearly all....
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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.....
On Friday, May 9th, 2014, the Federal Advisory Council and Board of Governors of the Federal Reserve met for their quarterly meeting in Washington D. C. This meeting was historically held in secrecy until Bloomberg News "won" a Freedom of Information Act request under the Freedom of Information Law requiring the Fed to make the meetings minutes available to the public. The Federal Advisory Council (FAC) is "composed of twelve representatives of the banking industry, consults with and advises the Board on all matters within the Board's jurisdiction..." according to the Federal Reserve in....
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....
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....
With social media on the rise in areas throughout the world, it seems like the Federal Reserve Board is ready to make its presence felt in the online environment, by launching their official Facebook page. During the last couple of years, numerous government institutions in the United States and other countries have new public relations strategies, joining social media networks such as Facebook, Twitter and YouTube. The Federal Reserve Board, which some regard as tight-lipped, has recently announced the opening of their Facebook page. Federal Reserve to Post Reports, Press Releases and....