The Federal Reserve’s Janet Yellen reportedly bolstered financial technology with her colleagues and a group of digital currency and blockchain advocates this past week. An event that took place in the Eccles Building had an audience of central banking authorities from 90 countries learning about fintech, Bitcoin, and blockchain.
The conference at the Federal Reserve in Washington called “Finance in Flux: The Technological Transformation of the Financial Sector,” had industry members from many firms within the fintech space including a keynote speech from the CEO of the blockchain-based company Chain. Adam Ludwin, the chief executive officer of Chain, gave the Federal Reserve’s Chair and her associates a description of distributed ledger technology and how it will transform banking today. According to Bloomberg he told the central bank attendees:
“The real golden opportunity, the thing you should be working toward, is central bank digital currency, the development of the Internet and microprocessors had crucial government support. That’s where blockchain is today. At the infrastructure stage, it’s almost always the government that plays a leading role as the creator or backer of the technology.”