{"id":6338,"date":"2022-01-29T20:27:21","date_gmt":"2022-01-29T20:27:21","guid":{"rendered":"http:\/\/egrowonline.com\/?p=6338"},"modified":"2022-01-29T20:27:21","modified_gmt":"2022-01-29T20:27:21","slug":"bitcoin-south-seattle-emerald","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=6338","title":{"rendered":"Bitcoin | South Seattle Emerald"},"content":{"rendered":"


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by Kevin Schofield<\/em><\/strong><\/em><\/strong><\/p>\n

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This weekend\u2019s read is a white paper<\/a> issued recently by the Federal Reserve Bank, pondering whether the Fed should create its own digital currency similar to Bitcoin.<\/p>\n

The Federal Reserve plays several critical roles in the country\u2019s financial system. It issues paper and coin currency, backed by the country\u2019s assets. It also serves as a \u201cbank for banks\u201d: Commercial banks keep accounts with the Fed and use them to enable large transfers between each other using the Fed\u2019s central clearinghouse mechanism; the Fed also loans money to those commercial banks. It controls the country\u2019s monetary policies, most notably the interest rates it charges to commercial banks, in order to influence economic growth, employment, and inflation. Finally, the Fed regulates and monitors commercial banks to ensure that the country\u2019s banking system is safe and reliable.<\/p>\n

Continue reading Weekend Reads: Should the Fed Create Its Own Bitcoin Competitor?<\/span> \u2192<\/span><\/a>\t<\/div>\n

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