Global Central Bankers at Federal Reserve Annual Meeting in Washington DC Discuss Blockchain Technology

By June 6, 2016Bitcoin Business

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Central banks from over 90 countries participated at the event titled, “Finance in Flux: The Technological Transformation of the Financial Sector,” where the Chamber of Digital Commerce , a global trade association representing the Blockchain industry, helped facilitate discussions at an event hosted by the Federal Reserve, World Bank, and IMF in Washington, DC on June 1 through 3, 2016.

Adam Ludwin, CEO of Chain, delivered the keynote address in the Board of Governors of the Federal Reserve System’s Board Room. “Blockchain technology will provide central bankers, regulators and policy makers with new tools to enhance the safety, soundness and capabilities of the financial markets and payments systems globally. As participants on industry Blockchain networks, regulators will gain real-time transparency to measure systemic leverage and monitor compliance. And as potential operators of networks for issuing central bank digital currencies, policy makers have the opportunity to forge a payments system that will enhance security, reduce settlement times and create new possibilities for monetary policy,” said Ludwin. “If I hold this $20 bill in my hand, you know I am the owner. But if I hand it to you, you are now the owner by virtue of the fact that you now hold and control it. So here’s a pop quiz: now that I have handed you the $20 bill, how do we go about clearing and settling the transaction? It’s a trick question of course, because the answer is that we don’t have to. With bearer instruments the payment is also the settlement. It is one step. This is a neat property of a bearer instrument. But if the bearer instrument is physical, we have to be in the same room to achieve this. However, with digital bearer instruments like Bitcoin, we can achieve a single payment = settlement step […]

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