US Central Bank Branch Says Bitcoin is Like Regular Currency

Sun, 04/29/2018 - 19:38
Jingnan Huo
St. Louis Federal Reserve, a branch of the US’s central bank, wrote that Bitcoin is like a regular currency
Cover image via U.Today

In a nod to Bitcoin as a means of payment, US St. Louis Federal Reserve published a blog post titled “Three ways Bitcoin is like a regular currency” earlier this week.

Both Bitcoin and regular currencies have no intrinsic value, have a limited supply, and have no middleman, like cash, the blog, citing a Fed research paper, wrote.

St. Louis Federal Reserve, one of the twelve local branches of the US central bank, has entertained the idea that cryptocurrencies can become an asset class in a January paper.

Both papers are written by Aleksander Berentsen and Fabian Schär of University of Basel, Switzerland.

About the author

Sylvia  is a Washington-based reporter and writer interested in blockchain, other fintech, future of money and how they interact with existing institutions. Besides English, she speaks Mandarin, Cantonese and French.

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