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Bernanke at Ripple Event:.....Blockchain Has 'Obvious' Benefits in Payments, Bitcoin may be Quashed!




  1. "Bitcoin is meant to be an attempt to replace fiat currencies and evade government regulation and government intervention.".......
  2. And that attempt, he contends, won't succeed because governments won't allow it. 


A DISTINGUISHED FELLOW in residence at the Brookings Institute, Ben Bernanke has commended Ripple efforts and payment Roll-outs, saying that he's read about the company's work and thinks that any effort in payments to reduce cost, improve accuracy, speed and reliability and "bring the global economy closer together" is a good thing.

 The Former Federal Reserve chairman Ben Bernanke is also bullish on blockchain.  peaking at Ripple's Swell conference in Toronto today, being held the same week and in the same city as Sibos, the annual gathering hosted by Ripple's rival Swift, Bernanke told a room of several hundred attendees that he believes payments can be slow and expensive as designed using existing tools today.

Bernanke, who led the U.S. central bank during the 2008 financial crisis, outlined the complicated process it would take for a bank in Germany to send a payment to a bank in the U.S., before saying:

"It's an obvious area where new technologies like blockchain or these electronic currencies can be used to improve the process."

While the conversation mostly focused on monetary policy, Bernanke was asked to comment more on cryptocurrency and blockchain during the question-and-answer session, and his responses should come as no surprise as he gave bitcoin both muted praise and criticism as far back as 2015.

Echoing those past statements, Bernanke said, "bitcoin is meant to be an attempt to replace fiat currencies and evade government regulation and government intervention."

And that attempt, he contends, won't succeed because governments won't allow it. "When bitcoin becomes a threat they'll take whatever action" deemed necessary to quash it, he said.

Unlike bitcoin, which works against regulators, he continued, blockchain businesses that collaborate with governments will likely see more momentum in terms of innovating on the payments system. Central banks around the world (including in Singapore, the U.K. and Europe) have taken more of an interest in blockchain technology recently, trying to figure out how it might create efficiencies within their systems.

Case in point: earlier this month, senior vice president at the Federal Reserve Bank of Boston Jim Cunha said blockchain and other fintech startups would be pushing incumbent financial institutions and middlemen to be more innovative in their approach.

When asked if bitcoin, other cryptocurrencies and blockchain might affect monetary policy, Bernanke said he doesn't see that happening.

Bernanke in conclusion said - "It could be a lack of imagination, but I don't think monetary policy has changed that much. [Central banks] are supportive of these new technologies because they'll improve the payment system ... but it won't affect the ability of the Fed to require a certain amount of reserves of affect interest rates."


FIRE:   I made a highlight of his remarks on Bitcoin because he spoke the truth as a former Cabinet Minister in charge of Fed Reserves in America. 

That truth is the genesis of all the trouble bitcoin is having with authorities. Governments are in charge of monetary and economic systems and any product designed to subvert government oversight and control will have problems in the long run.

For now, many governments are not planning to 'kill' bitcoin, but they must regulate and control it and its ancillary services.  Next year may see some of the plans materializing.

Friend, Jesus came looking for you. Give your heart to Him, Love the Lord with all your heart, strength and might.  Love your neighbour as yourself, hold no offence, no bitterness - the Lord is near you to help you!


FIRE...









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