Federal Reserve Begins Study on Digital Payments and Blockchain Technology
The financial world has spent much of 2016 co-opting Bitcoin’s Blockchain technology for commercial use, aiming to catch up to quantum leaps in efficiency and payment innovations used by Bitcoin’s digital currency. Now, the world’s leading central bank, the Federal Reserve of the United States, is going to investigate the future of monetary payment technology. This week, they have begun new studies for 2017 that will seek to understand advanced digital payment technologies, including “Fintech” and Bitcoin’s Blockchain technology. “The review that began yesterday is the next step in the....
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A multi-disciplinary research team from the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, and the Federal Reserve Bank of Chicago, after conducting interviews with “approximately 30 key industry stakeholders, including market infrastructures, financial institutions, other government agencies, technology start-ups, more-established technology firms, and industry consortia,” stated in a recently published paper that, although it is unlikely, the “use of banks to conduct payments could become obsolete,” by the use of blockchain technology. The....
A recent event in Washington attended by representatives from over 90 central banks had Federal Reserve Chairwoman Janet Yellen encourage her counterparts to study emerging technologies, specifically mentioning bitcoin and the blockchain. The Federal Reserve Annual Meeting, a three-day event hosted by the Federal Reserve, World Bank, and the IMF in Washington had a notable attendee this year in the Chamber of Digital Commerce (CDC). The group represents the blockchain industry and is the world’s largest trade association in the space. This year’s gathering specifically focused on financial....
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....
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....
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....