Recently the Federal Reserve made public a brief paper named “What Community Bankers Should Know About Virtual Currencies” through its Community Banking Connections website. The CBC is a website that serves as the primary source for guidance for community banks across the US in terms of: clarifying concepts, highlighting new regulation and providing resources for banks to address new challenges.
The publication starts by highlighting the growth of virtual currencies and the fact that they still only represent a fraction of the U.S. dollars in circulation as well as exchangers and intermediaries of cryptocurrencies being bound to the traditional banking system in most part.
The publication’s assesment of the total circulatory value of several currencies points towards it being written somewhere around February of this year and only now being made public:
“Bitcoin is the most prominent virtual currency. As of late January 2015, one bitcoin equaled roughly $207 (though the value is volatile), and all bitcoins in circulation totaled $2.85 billion. The next largest virtual currency was Ripple ($441.4 million in aggregate), followed by Litecoin ($43.2 million), PayCoin ($37.8 million), and BitShares ($24.2 million).”
According to the study, at the time of being written over 100,000