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The US Federal Reserve System loses control over the global financial system

As Chairman of the Board of the International Public Movement Change the World Together Aleksey Muratov claimed, the results of FRS research work on a distributed ledger affirm it.

In particular, this document contains information on the application of blockchain technology in payments and operational management of financial systems. This research covers a lot of questions about the use of distributed registry. However, a separate item in it is specified the problems of potential integration for financial firms and payment systems including those due to the use of blockchain technology.

"The results of research affirm that FRS are seriously concerned that they are losing control over the global financial system," Muratov emphasized.

"The world is changing, more and more people begin to use a decentralized currency. Accordingly, the bankers lose their ability to make money out of thin air through the issue of banknotes. Seigniorage, as the most profitable business in the world comes to an end," Chairman of the Board of CWT said.

It should be noted that this research was done by representatives of Federal Reserve Banks of New York and Chicago, the researchers interviewed 30 representatives of companies and startups working with blockchain technology in the public and private sectors of the United States.

The publication appeared two months later after the Manager of FRS Lael Brainard confirmed officially the Central bank's interest in this technology, and also defined the task to investigate blockchain technology comprehensively.

Source: CWT News

  • December 6, 2016 3:14 PM MSK
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