Research: Federal Reserve Needs Power Over Bitcoin
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....
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The Federal Reserve has published new research on distributed ledger tech. The paper, which explores applications of the technology in payments and transaction settlement, was drafted by teams from the Federal Reserve Board as well as the Federal Reserve Banks of New York and Chicago. Though research has been published in the past by members of the Federal Resrve system, most notably the Federal Reserve Banks from Boston and Chicago, the paper's release represents the first major release from the Federal Reserve Board. Overall, the research casts a wide net, including both a top-down view....
The U.S. Federal Reserve is showing strong interest in attributes of distributed ledger technology (DLT). The private central banking entity has just released a paper that explores the agencies research on blockchain based settlement. Federal Reserve Research Team Paper Focuses on Blockchain Technology. The report issued by the Federal Reserve Board....
The Federal Reserve is expected to outline how it intends to monitor FinTech innovations today in a research paper, according to a report from The Wall Street Journal. Even though the Fed has been visiting FinTech startups to understand what it is they do, the research is unlikely to hold any definitive decisions now. It is reported that the Federal Reserve is looking into banks’ decisions when they engage with FinTech firms to determine fraud or money laundering. Issuing a Digital Dollar? The Bank of England’s RSCoin, the Bank of Canada’s CAD-Coin, and Senegal’s eCFA digital currency in....
The Federal Reserve Note (FRN), also called the “U.S. dollar,” was dubbed the worst investment of the last century. As predicted, 2015 has seen the continued fall in value of the currency that was supposed to fuel an advanced economy. In the last 3 days alone, it has lost 12% in value against Bitcoin. Even more shocking is that in the last 100 years, a whopping 98 % of the FRN's purchasing power was lost. The ominous shadow on the future of the FRN is that it relies on trust – trust in a wholly centralized and largely unaccountable institution. Federal Reserve employees must be trusted not....
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....