The Federal Reserve is not working on a cryptocurrency version of the U.S. dollar, the head of one of its regional banks said.
As first reported by Reuters, John Williams, president of the Federal Reserve Bank of San Francisco, offered his thoughts about the developments in distributed ledger technology and what its progress means for central banks. Speaking at the 54th annual Economic Forecast Luncheon in Phoenix, Williams took a question from the crowd about what he thinks bitcoin’s rise means for the economy, as shown in this Periscope video from the San Francisco Fed’s account.
He answered by first pointing to the underlying blockchain technology’s potential to improve the efficiency and security of payments, but then said:
“The other thing I think is interesting is this question of central bank-issued digital currency. Right now, the Federal Reserve is not developing its own digital currency, but there is a lot of research going on around the world thinking about this question.”
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Read Full: SF Fed President: No Plans to Put USD on a Blockchain
