The Fed Governor recently gave a speech in front of bankers. Bitcoin.com deciphered some of her quotes into normal english lol
“Today, the possible development and application of distributed ledger technology has raised questions about potentially far reaching changes to multilateral clearinghouses and the roles of financial institutions as intermediaries in trading, clearing, and settlement for their clients.”
Translation: There’s a risk our system could get disrupted by this new technology.
“In the extreme, distributed ledger technologies are seen as enabling a much larger universe of financial actors to transact directly with other financial actors and to exchange assets versus funds virtually instantaneously without the help of intermediaries both within and across borders.”
Translation: Our system could be made obsolete by an alternative, decentralized, peer-to-peer, open-access system.
https://news.bitcoin.com/federal-reserve-on-bitcoin/ I doubt (but do not KNOW) that the FED has any worries in the short-term re Bitcoin taking over the financial system from the banks. For sure they are going to watch developments in the Bitcoin Ecosystem.
If BTC gets to the point (years from now) where it would appear to be some kind of threat, the Central Banks then may try to kill it (with the help of their buddies at .gov), or perhaps co-opt it (regulate BTC or just buying up BTC companies).
But, the Banksters have bigger fish to fry right now: health of their banks, political problems, derivative exposure, bankruptcies...
