Federal Reserve Report Says Private Ledgers Better Than Open

According to a report from the Federal Reserve, the financial institution has faced over 300 cyber attacks between 2011 and 2015. This number is quite significant, but it is not surprising in the last, as hackers have taken a liking to attacking financial institutions. Although the report is only available in heavily redacted format, Reuters has managed to extract some interesting details. In several dozen occasions, somebody managed to access information that was beyond their level of authorization. Most of these attacks were executed by hackers and spies, though, rather than people....

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.....

The Federal Reserve, the quasi-private governing body of the US monetary system, launched a Facebook page Thursday in its bid to become more transparent and open with the US citizenry. Federal Reserve Gets a Facebook. As intended, and like the social media spaces of its public counterparts, the page so far serves as an informational service. The central....

The Federal Reserve Bank of Richmond has published an interesting paper surround bitcoin and digital currencies (which they refer to as 'private currencies') as a whole. "At first glance, bitcoins lack the inherent value of government authority to get them off the ground as an accepted currency," the paper states. "But in surprising ways, they resemble the gold and silver coins of ancient times." The report goes on to state most of what we've been reporting, quite frankly. Uncertain regulation reminiscent of the early days of the Internet, in which many people had no idea how laws applied,....

In its highly anticipated report on Blockchain technology, the Federal Reserve described the potential of the distributed ledger technology (DLT) in the settlement of payments, assets and clearing, emphasizing the importance of immutability, transparency and proper security measures. Fed’s interest in Blockchain. The Federal Reserve is interested in the implementation and integration of Blockchain or distributed ledger-based systems for transaction settlement and clearance. The Fed noted that if US PCS systems, that process around 600 mln transactions worth $12.6 trillion annually, adopt....