When Satoshi Nakamoto released the Bitcoin white paper in 2008, little did Bitcoin’s creator know that less than 10 years later, Federal Reserve Chair Janet Yellen would be encouraging central banks around the world to take a closer look at the benefits of Bitcoin and blockchain technology to improve the world’s financial systems.
In her remarks to the International Conference on Policy Challenges for the Financial Sector, the chair of the Board of Governors of the Federal Reserve acknowledged heightened concerns about cybersecurity, and said banks must move forward into the digital age and learn how to apply Bitcoin, blockchain and distributed ledger technologies.
At a low-key three-day conference in Washington, D.C., last week organized by the Federal Reserve, the World Bank and the International Monetary Fund, more than 90 central banks from around the world heard from members of the Bitcoin community, including Perianne Boring, founder and president of the Chamber of Digital Commerce, Bloq CEO Jeff Garzik and Chain CEO Adam Ludwin.
Conference participants were told that their discussions would be off the record – no recordings or videos would be allowed. As a result, the normally conservative crowd may have been freer to explore the possibilities