US Central Bank Chair: Blockchain Could Have 'Significant' Impact
During an appearance before a House of Representatives committee hearing today, Federal Reserve chairwoman Janet Yellen remarked that the US central bank is “trying to understand” financial technologies like cryptocurrencies and blockchain. Yellen was speaking before the Committee on Financial Services, during which she was asked by Rep. Mick Mulvaney about the Fed’s position on cryptocurrencies and whether it investigating internal applications of blockchain. While Yellen said that the Fed wasn’t doing so, she did indicate that the US central bank was pursuing lines of inquiry within the....
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Federal Reserve Chairman Jerome Powell says the central bank is “not really seeing significant macroeconomic implications” from crypto’s volatility. The Fed chair stressed that there is a need for a better crypto regulatory framework. Fed Chair Powell Says Crypto Needs Better Regulation Federal Reserve Chairman Jerome Powell testified before the Senate Committee on Banking, Housing, and Urban Affairs on “the semiannual monetary policy report to congress” Wednesday. Senator Kyrsten Sinema (D-AZ) asked him whether the Fed has been tracking crypto....
Federal Reserve Chairman Jerome Powell says the U.S. central bank is looking at whether to issue a digital dollar with a “very broad scope.” He noted that the Fed is collaborating with Congress and the executive branch on whether to issue a central bank digital currency. Fed Chair Powell on Digital Dollar Progress Federal Reserve Chairman Jerome Powell provided an update of the central bank’s digital dollar work Tuesday during a panel discussion on digital finance hosted by Banque of France. “Cash is not disappearing here in the United States. We still use cash....
The deputy chair of Russia’s central bank has reportedly told commercial banking representatives that they should expect their industry to embrace blockchain technology in the next two years. Moscow-based Rambler News Service has reported that deputy chair Olga Skorobogatova, appointed in 2014, told members of the country’s banking sector that the central bank sees a major role for blockchain applications in finance as the technology gains traction among the world’s financial institutions. According to the news outlet, Skorobogatova said: “In 2017-2018, we will see real examples of the use....
The Central Bank of the Russian Federation will consider ways to use bitcoin blockchain technology when it meets in June as oil exporting countries such as Kazakhstan wrestle with eroding confidence in currency caused by low oil prices. Grigory Marchenko, the ex-chairman of the National Bank of Kazakhstan, wondered what impact cryptocurrency would have on the country’s monetary policy as it struggles to find a solution to the negative impact of low oil prices, according to nur.kz, a Kazakhstan news site. Marchenko said the country’s currency exchange rate is tied to the price of oil. Three....
According to Patrick Njoroge, the governor of the Kenyan central bank, the significant number of non-smartphones that are in use in Kenya means launching a central bank digital currency (CBDC) now may be premature and could lead to many citizens being financially excluded.
Central Bank Mulls Delaying CBDC Rollout
The governor of the Central Bank of Kenya (CBK), Patrick Njoroge, has suggested the lack of access to smartphones of more than half of Kenya’s mobile phone users is working against its plan to launch a CBDC. He warned the central bank may be forced to delay its....