The Federal Reserve of Boston is starting a new blockchain experiment this summer.
The Massachusetts state regulator has been one of the earliest and most involved government bodies to dip their toe into the new technology. It has been quietly developing blockchain systems since 2016 but has said very little about their plans.
Now the first results of those trials are out and the Boston Fed published a white paper on its proof-of-concepts on ethereum and Hyperledger Fabric.
In a recent article on the basics of bitcoin and other cryptocurrencies (PDF), Aleksander Berentsen and Fabian Schär of the Federal Reserve Bank of St.
The idea of “Fedcoin,” a cryptocurrency sponsored by the U.S. government and managed by the Federal Reserve, has been around for quite some time.
In her final press conference as Fed Reserve Chair, Janet Yellen called bitcoin “a highly speculative asset” that “doesn’t constitute legal tender.
If you were awake in your college economics class you might recall Milton Friedman’s classic theory: The quantity theory of money.
Former Federal Reserve Chairman Alan Greenspan said that bitcoin bears many similarities to the Continental dollars that the American Congress printed during the War for Independence to finance the war against Great Britain.
Jim Cunha, senior vice president of the Federal Reserve Bank of Boston, thinks distributed ledger technology (DLT) will have major implications on the U.S. payment system, in addition to financial regulations and cybersecurity. The Boston Fed posted Cunha’s comments on its website.
A 33-year Fed veteran, Cunha said DLT can fundamentally change many areas of financial services, including payments.
Bitcoin and other cryptocurrencies are unlikely to weaken the Fed Reserve's influence on the U.S. economy.
That's according to the president of the Federal Reserve Bank of Philadelphia, Patrick Harker, who issued the new remarks on the second day of a fintech event hosted by his organization, one of 12 regional institutions that today comprise the U.S. central banking system.
The acting comptroller of the currency for the U.S. Treasury Department has said he is open to the idea that a new breed of banks might one day conduct business in bitcoin and other cryptocurrencies.
Speaking at an event hosted by the Federal Reserve Bank of Philadelphia Thursday, Keith Noreika, the newly named director of the agency tasked with supervising all national banks, went so far as to state publicly that he foresees a future in which bitcoin companies might be granted "fintech charters" – proposed licenses designed to simplify the way startups do businesses across state borders.