Federal Reserve Blockchain Paper: “Use of Banks to Conduct Payments Could Become Obsolete”
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....
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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....
Banks can act as nodes on a blockchain or conduct payments using stablecoins, the OCC said Monday.
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 International Conference on Policy Challenges for the Financial Sector, the chair of the Board of Governors of the Federal Reserve acknowledged heightened concerns about cybersecurity, and said banks must move forward into the digital age....
On 5th December, the Federal Reserve released its much-awaited research paper on distributed ledgers. The paper, “Distributed Ledger Technology in Payments, Clearing and Settlement", came two months after Federal Reserve governor Lael Brainard remarked at the Institute of International Finance that the US central bank was "paying close attention" to the technology. The product of the input of 30 financial industry stakeholders, including government officials, experts from traditional finance and FinTech institutions and members of the industry consortia – the paper explored....