Former Federal Reserve Governor States Digital Currency “Fedcoin” Deserves to Be Considered

Former Federal Reserve Governor States Digital Currency “Fedcoin” Deserves to Be Considered

Kevin Warsh, the former Federal Reserve Gov., believes that the creation of “FedCoin” deserves serious consideration as it will bring legal activities into a digital coin. This reported by New York Times on May 4

Kevin Warsh was the governor of the Federal Reserve between 2006 and 2011. He was a contender for its chairman before the Trump administration selected Jerome Powell instead.

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Mr. Warsh stated that if he returned to his position with the Federal Reserve, he would form a team to seriously consider creating the digital currency “FedCoin”. He believes that blockchain technology would deliver benefits to the Federal Reserve in terms of how their current payment system is managed and operated.

The current governor of the Federal Reserve, Jerome Powell stated that he’s looking at blockchain as a tool that may have significant applications within the wholesale payments system of our economy.

Other banks are quickly moving towards utilizing blockchain technology within their current payment systems. The Bank of England announced that it was working on a “proof of concept” in order to better understand how their Real Time Gross Settletment service could be used more efficiently.

The Bank of Japan is also working on a blockchain to help transform securities settlements. South Korea’s central bank announced that it was considering cryptocurrency as well as blockchain for its latest project named “cashless society”.

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