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The U.S. Federal Reserve might consider implementing DLT

07 September 2017 21:00, UTC

The Federal Reserve System, or simply the Federal Reserve, has promised to review the distributed ledger technology in the near future, as it’s currently looking for ways of improving security, speed and efficiency of accounting and inter-bank relations. If the digital currencies are able to “facilitate a safe and efficient US payment system”, the Federal Reserve will think about using them as well.

However, before starting the development of such technologies, the United States Federal Reserve would not mind assessing the costs of these systems’ implementation. A large-scale pre-analysis is indispensable for any serious measure the Federal Reserve plans to take, as its choices affect the whole United States economy and, in perspective, the international economy as well. "Substantial work lies ahead to implement and adopt safe, ubiquitous real-time retail payments and to foster a safe, resilient and efficient US payment system," warns the report.

In previous reports, the Federal Reserve expressed its concern over vague legal status of digital tokens used in initial coin offerings.