Bitcoin and the Blockchain Take the Stage for International Summit of Central Banks at the Federal Reserve
When Satoshi Nakamoto released the Bitcoin white paper in 2008, little did Bitcoin’s creator know that less than 10 years later, Federal Reserve Chair Janet Yellen would be encouraging central banks around the world to take a closer look at the benefits of Bitcoin and blockchain technology to improve the world’s financial systems. In her remarks to the....
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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.....
Adam Ludwin, chief executive officer at Chain, a San Francisco, Calif.-based startup that partners with businesses like Visa and Nasdaq to provide blockchain networks, explained how blockchains work and urged bankers to embrace the technology during a keynote address at the International Conference on Policy Challenges for the Financial Sector, held at the Federal Reserve in Washington, D.C., according to Bloomberg. The event was attended by central bankers from 90 countries, including officials from the World Bank, the Bank for International Settlements, the International Monetary Fund,....
The Federal Reserve Governor Lael Brainard said the private central bank is looking at blockchain technology. The Fed Focuses In On Blockchain. The Federal Reserve has its eye on various blockchain technologies. Governor Lael Brainard spoke to guests at the Institute of International Finance in Washington, D.C. concerning the protocol under the hood of....
Africa's largest banks and South Africa’s Central Securities Depository, Strate, set up a Blockchain network that could have a far-reaching effect on the continent’s financial sector. South African Reserve Bank (SARB) and the Financial Services Board will play a role of observers. While the new working group has representatives from Standard Bank, Absa, FirstRand, Nedbank - the top four banks in Africa - and Investec which stands at the eighth position, the participation of the Reserve Bank is the most significant because the South African apex bank has been a little skeptical about....
Major central banks worldwide have spent the past year organizing their own working groups dedicated to exploring blockchain technology and digital currencies. During a three-day event in Washington, DC, hosted by the World Bank, the Intentional Monetary Fund and the US Federal Reserve, representatives from a range of central banks worldwide offered private details about the ongoing work at their respective institutions. At the gathering last week the central bank leaders expressed broad interest in how the technology might impact both the banks they regulate as well as their own....