Federal Reserve Bank VP Acknowledges Ripple for Utilizing Bitcoin's Original Ledger
In his recent interaction with CoinDesk.com, Federal Reserve Bank's Vice President and Research Director David Andolfatto acknowledged Ripple network for utilizing Bitcoin's original ledger at its best. His statement, which was focused on how Bitcoin technology could bring genuine benefits to US central bank's real-time settlement system, suddenly found Ripple as a reference to the true potential of Bitcoin's public ledger system. According to Andolfatto, the Federal System could utilize a distributed ledger system to keep all the books simultaneously in their member banks. So in case of a....
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It's not everyday that you hear some positive Bitcoin-related news coming from the Federal Reserve. So it may or may not come as a surprise to you that an economist at the Federal Reserve Bank of Chicago has come forth declaring the digital currency as a "remarkable conceptual and technical achievement." François R. Velde, in his report, acknowledges that bitcoin may very well be something that's used by "existing financial institutions," signaling widespread awareness in the financial community. Velde's report also acknowledges that bitcoin has been growing. He has a great point. This....
Ryan Zagone, whose title is Head of Research for the Business Development Team at Ripple Labs, was recently elected to work to work on a team within the Federal Reserve. The team is called the "Faster Payments Task Force Steering Committee," and Zagone's election is part of an ongoing effort on the part of the Fed to integrate members of private industry in its modernization efforts. Over 300 private companies have decided to take part in the FPTF, and of that wide group, a steering committee of sixteen people were selected. This is where Zagone comes in, representing Ripple Labs. As part....
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....
Cryptocurrency sell-off is not a systematic concern for the Fed and does not affect Fed’s policies, two Federal Reserve Bank presidents said Wednesday. “We are all quite aware that crypto can be very volatile,” said the president of the Federal Reserve Bank of St. Louis. Crypto Sell-off Does Not Change Fed Policy Two Federal Reserve Bank presidents have commented on the steep sell-off in cryptocurrencies Wednesday. St. Louis Federal Reserve President James Bullard, who firmly believes that cryptocurrency poses no threat to the U.S. dollar, said: By itself I don’t....
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....