The Federal Reserve Bitcoin Strategy – CryptoCoinsNews
This Federal Reserve Bitcoin Strategy was released in a paper outlining multiple options for improving the U.S. payment system.
In the past, Digital currency had been deemed too immature. Now, after pressure from private sector interests, the Fed is seriously analyzing the benefit of incorporating Bitcoin code in the U.S. fiat system.
“A U.S. payment system that is safe, efficient and broadly accessible is vital to the U.S. economy… the Federal Reserve plays an important role in promoting these qualities as a leader, catalyst for change and provider of payment services…”
In its preface, “Strategies for Improving the U.S. Payment System”, a white paper released Monday morning, 15/27/01, by The Federal Reserve re-affirms that commitment. The document is a follow-up to the Fed’s 2013 “Payment System Improvement – Public Consultation Paper.” At the time of the 2013 report, digital currency was “not considered a sufficiently mature technology.” But, today, we are an “emergent payment infrastructure” and the Fed sees value for some Bitcoin technology within its current system.
“A digital transfer vehicle was not considered[sic] a sufficiently mature technology… but was identified for further exploration and monitoring given significant interest in the marketplace.”
In both documents, Bitcoin is never mentioned by name. Instead, Digital Value Transfer Vehicle is used as a clever euphemism. Even though, it’s difficult to ignore the similarities to line #1 of the Federal Reserve Board‘s analysis in “Bitcoin: Technical Background and Data Analysis.”
“Broadly speaking, Bitcoin is a scheme designed to facilitate the transfer of value between parties.”
Clearly, the Federal Reserve is interested in exploring what enhancements they can lift from Bitcoin source code. Let’s take a look at their goals and see if we can’t save them some time and (our) money.