US Central Bank is interested in Blockchain’s Potential.
During the course of an appearance in the House of Representatives committee hearing, the president of the Federal Reserve, Yanet Yellen announced that the US Central Bank is analyzing the Blockchain technology and digital currencies. While making her presentation the president was questioned by Mick Mulvaney, representative of South Carolina, when he asked what was the position of the Federal Reserve to digital coins and if researches to create applications based on the Blockchain technology are being made.
In response to Mulvany’s questioning, the President noted that the Federal Reserve is still not doing it, she clarified that the US Central Bank is following the guidelines of a research within the broader context of Fintech. This in order to enhance improvements in the financial area.
In her exposure she argumented:
The blockchain technology could have very important implications for the payments system and the conduct of business. We want to encourage innovation. I think innovation using these technologies could be extremely useful and provide benefits to society.
“We’re just trying to understand their nature,” said Yallen referring to Fintech. also added that the Federal Reserve will not even exercise any rulemaking process. The comments come more than two years after Yellen first indicated that the Fed wouldn’t move to regulate bitcoin and other digital currencies.
The remarks come amid growing momentum around blockchain in Washington, DC.
This week saw the formation of a congressional caucus dedicated to the technology, as well as the establishment of an information hub co-founded by the Chamber of Digital Commerce and DC-based incubator 1776.
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