Since the valuation with cryptocurrency continues to grow, Federal Reserve evidently is giving consideration to creating a product or service such as bitcoin of its own. He also said that the USA banking system lacks the technology necessary to make real-time digital currency changes happen with the regularity needed to run an economy.
One novel feature of blockchain-based systems is that they eliminate the middle-men, or financial institutions, from transactions.
"While these digital currencies may not pose major concerns at their current levels of use, more serious financial stability issues may result if they achieve wide-scale usage".
The underlying technology that powers digital currency remains more interesting to the Federal Reserve than the development of digital currency, according to comments made by John Williams, president of the San Francisco Federal Reserve Bank. Just a day after hitting $10,000, it eclipsed the $11,000 mark.
Hadiya 'still' struggling for her 'freedom'
Her father has reportedly told media that Hadiya "does not have an independent mind" as she has been "mentally kidnapped". Till now, I did not get freedom. "I have no phone, haven't contacted anyone whom I like (so far)", she told reporters.
Quarles cautioned that without that critical backing and institutional support, "it is not clear" how a digital currency payment system would function "in times of stress".
"I am particularly concerned that a central-bank-issued digital currency that's held widely around the globe could be the subject of serious cyberattacks and could be widely used in money laundering and terrorist financing", Quarles said.
"I believe the financial industry is increasingly recognizing that we should separate the concept of digital currencies from the innovative new technologies that they have employed to transfer assets", Quarles said.
While supportive of continued research into digital currency issues, he argued near-term efforts should focus on improving the way payments are processed in the existing banking system.
- Did Sammi Giancola Skip 'Jersey Shore' Filming To Join 'Celebrity Big Brother'?
- Forcillo will report to prison on Monday after judge revokes bail
- Pope wraps up contentious Myanmar visit
- Playwright Israel Horovitz Accused of Sexual Misconduct by Multiple Women
- Trump Reportedly on Verge of Advancing Popular Campaign Promise - It Involves Israel
- Buckingham Research Increases Ross Stores (ROST) Price Target to $72.00
- 61974 cases of riots, group clashes in 2016; highest in Bihar: NCRB
- Matt Hardy Teases Returning to "Broken" Gimmick On "Raw"
- A Posy From a Pooch: Service Dog Presents Bouquet to Queen Elizabeth
- Get Out, Coco & Lady Bird Recognized by 2017 NYFCC Awards