{"id":256,"date":"2014-05-21T01:07:00","date_gmt":"2014-05-21T01:07:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/federal-reserve-positive-light-bitcoin\/"},"modified":"2022-02-25T20:13:01","modified_gmt":"2022-02-25T18:13:01","slug":"federal-reserve-positive-light-bitcoin","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/05\/federal-reserve-positive-light-bitcoin.html","title":{"rendered":"Federal reserve advisory council sheds positive light on Bitcoin"},"content":{"rendered":"<div style=\"text-align: justify;\"><b>Bitcoin regulation has consistently proved to be a touchy subject inside and out of the bitcoin community.<br \/>\nIn February, much of the community rejoiced when Federal Reserve\u00a0Chairwoman\u00a0Janet Yellen\u00a0<a href=\"http:\/\/blogs.wsj.com\/moneybeat\/2014\/02\/27\/yellen-on-bitcoin-fed-doesnt-have-authority-to-regulate-it-in-any-way\/\" target=\"_blank\" rel=\"noopener\">insisted<\/a> that the regulatory entity\u00a0had no authority to when it came to\u00a0the digital currency.<\/b><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div class=\"separator\" style=\"clear: both; text-align: justify;\"><a style=\"clear: left; float: left; margin-bottom: 1em; margin-right: 1em;\" href=\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2014\/05\/rsz_bussss-600x400.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2014\/05\/rsz_bussss-600x400.jpg\" width=\"400\" height=\"266\" border=\"0\" \/><\/a><\/div>\n<div style=\"text-align: justify;\">On the other hand, other enthusiasts say that regulation exactly what bitcoin needs in order to get to the next level in terms of mainstream adoption; one of those being SecondMarket CEO, Barry Silbert. The <a href=\"https:\/\/holytransaction.com\/page\/what-is-bitcoin\">bitcoin<\/a> proponent and Bitcoin Investment Trust founder believes that regulation is necessary in order for Wall Street to increase its involvement in the digital currency landscape.<\/div>\n<div style=\"text-align: justify;\">\n<p>A recently obtained <a href=\"http:\/\/www.federalreserve.gov\/aboutthefed\/fac-20140513.pdf\" target=\"_blank\" rel=\"noopener\">document<\/a> from a Federal Reserve Advisory Committee meeting early this month has shed some light on this very topic, in return, revealing exactly how the Fed plans on reacting to the relatively new and emerging technology.<\/p>\n<\/div>\n<div style=\"text-align: justify;\">\n<p>The Federal Advisory Council and Board of Governor\u2019s record of meeting devoted a special section of the outline to bitcoin specifically. Among the key topics of concerns listed in respect to the digital currency were whether or not bitcoin has the potential to cause the \u201cdisruption of traditional channels of commerce with high potential for illicit use.\u201d In respect to banking, the document also questions the possible \u201cdisintermediation of traditional payment networks, promoting shadow transacting.\u201d<\/p>\n<\/div>\n<div style=\"text-align: justify;\">\n<p>In the eyes of the Fed, indications point that the outlook is unanimous in that rather than posing as threat, bitcoin, with increased regulation, may hold promise:<\/p>\n<\/div>\n<div style=\"text-align: justify;\">\n<blockquote>\n<blockquote class=\"tr_bq\"><p>Bitcoin does not present a threat to economic activity by disrupting traditional channels of commerce; rather, it could serve as a boon \u2026 Its global transmissibility opens new markets to merchants and service providers \u2026 Driving capital flows from the developed to the developing world should increase consumption.<\/p><\/blockquote>\n<\/blockquote>\n<\/div>\n<div style=\"text-align: justify;\">\n<p>The Federal Advisory Council (FAC) is comprised of twelve elite representatives of the banking industry. The committee meets four times a year, as required, to consult with and advise the Board on all matters within the Board\u2019s jurisdiction. The overall rhetoric among the committee is that the board echoes the voice of Silbert in that the current financial institutions will play a key role in bitcoin\u2019s future. The FAC \u2018s conclusion was that, \u201cshould [bitcoin] adoption accelerate, banking could participate increasingly in bitcoin fund flows, especially as multicurrency accounts proliferate and reputational\u00a0concerns subside.\u201d<\/p>\n<\/div>\n<div style=\"text-align: justify;\">\n<p>The FAC\u2019s stance on bitcoin supports a reversal in the plethora of bad news encompassing the digital currency. Following easing tensions in China, the wildly successful Bitcoin2014 conference in Amsterdam, which delivered a surplus of positive news along with several major announcements, bitcoin has surged in value over that past several hours. Prices on\u00a0<a href=\"https:\/\/www.bitstamp.net\/\" target=\"_blank\" rel=\"noopener\">Bitstamp<\/a> rose from an opening of $448.34, while spiking as high as $500.00 mid-day as optimism surrounding the digital currency continues to influence bitcoin\u2019s\u00a0value.<\/p>\n<\/div>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Bitcoin regulation has consistently proved to be a touchy subject inside and out of the bitcoin community. In February, much of the community rejoiced when Federal Reserve\u00a0Chairwoman\u00a0Janet Yellen\u00a0insisted that the regulatory entity\u00a0had no authority to when it came to\u00a0the digital currency. On the other hand, other enthusiasts say that regulation exactly what bitcoin needs in [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,76,468,542,656],"tags":[764,1126,1201,1307],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Federal reserve advisory council sheds positive light on Bitcoin -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2014\/05\/federal-reserve-positive-light-bitcoin.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Federal reserve advisory council sheds positive light on Bitcoin\" \/>\n<meta property=\"og:description\" content=\"Bitcoin regulation has consistently proved to be a touchy subject inside and out of the bitcoin community. In February, much of the community rejoiced when Federal Reserve\u00a0Chairwoman\u00a0Janet Yellen\u00a0insisted that the regulatory entity\u00a0had no authority to when it came to\u00a0the digital currency. 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