Hardly anyone ever expected to use the terms Federal Reserve and Bitcoin in the same sentence in a positive manner. As it turns out, the Fed has been quite open to Bitcoin and blockchain as of late, but there is still a lot of work to be done.
On the first of June 2016, there was a fintech conference for central bankers at the Federal Reserve premises. With roughly 100 attendees from the central banking world, the topic eventually turned to Bitcoin and blockchain. While the crowd seemed very open to the idea, there is still a lack of understanding regarding the technology of blockchain.
Federal Reserve Awed by Bitcoin and Blockchain
Moreover, a Bitcoin transaction took place at the Federal Reserve premises during this conference. Chain CEO Adam Ludwin demonstrated the protocol by making an on-stage donation to Wikipedia. As is the case with novelty concepts, seeing is believing, and what better stage to do so that at this event?
This occurrence was the very first time a Bitcoin transaction was initiated from the Fed’s boardroom. This may not seem like a significant event to some people, but it just goes to show Bitcoin is on everybody’s radar in the financial sector. All in all, reports indicate the audience was quite engaged during the Bitcoin and blockchain topic, which is a positive sign.
Hardly anyone will be surprised the regulatory engagement in the blockchain world is reaching new highs. An open blockchain can be a critical tool to fix the broken financial ecosystem we use today. Keeping track of all assets and potential risks in real-time is an opportunity well worth exploring.
Proof-of-concepts are an excellent way to pitch a blockchain or Bitcoin idea to the masses, but the time has come to move well beyond this stage. Caitlin Long, who attended the Federal Reserve conference, mentioned how it appears more startups are working on production level projects. This indicates a growing interest and maturity of this technology, although she did not specify what these companies are working on exactly.
In the end, raising awareness about Bitcoin and blockchain continues to hinge on educational efforts. Enthusiasts are encouraged to apply for speaker slots at upcoming conferences around the world, even if they are not Bitcoin-oriented. Long also mentioned more significant announcements regarding the blockchain will be coming in the financial sector.
Source: Caitlin Long
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