The Federal Reserve has been giving cryptocurrencies and their potential impact on the economy a great deal of thought lately. Most recently, Fed Governor Lael Brainard provided a rare tilt of the Fed’s hand on digital currencies, taking more time, offering more details than usual and demonstrating the resources that the agency has dedicated to understanding
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Kevin Warsh, a former U.S. Federal Reserve governor, recently told The New York Times the Fed should give serious consideration to releasing a government-sponsored cryptocurrency — commonly called a “FedCoin.” Warsh is among a group of investors in Basis, formerly Basecoin, a cryptocurrency designed with an algorithmic central bank that will keep the price stable.
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China’s digital currency director said that excessive decentralization is a fatal flaw that spells doom for Bitcoin, Ethereum, and many other public blockchains. Writing in an op-ed published by Chinese-language business news outlet Yicai, Yao Qian — who leads the People’s Bank of China (PBoC) digital currency research institute — argued that is impossible to
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“Let’s destroy Bitcoin.” Thus the MIT Technology Review purports to present a guide to taking down the flagship cryptocurrency, whose network has achieved 99.99 percent uptime since its launch in January 2009. Unsurprisingly, the publication’s plans — which you can read about in more detail here — fall short of the mark. Author Morgan Peck
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