27 Feb '14, 6pm

Janet Yellen: Federal Reserve has no authority to regulate Bitcoin

Janet Yellen: Federal Reserve has no authority to regulate Bitcoin

The Federal Reserve has no authority to supervise or regulate Bitcoin , chair Janet Yellen told Congress on Thursday. Testifying before the Senate Banking Committee in the week that the controversial digital currency’s largest exchange collapsed , Yellen was asked about Bitcoin’s potential impact by senator Joe Manchin. On Wednesday, Manchin wrote to the Fed, Treasury and other regulators warning that the currency was “disruptive to our economy” and calling for its regulation. “Bitcoin is a payment innovation that’s taking place outside the banking industry. To the best of my knowledge there’s no intersection at all, in any way, between Bitcoin and banks that the Federal Reserve has the ability to supervise and regulate. So the Fed doesn’t have authority to supervise or regulate Bitcoin in anyway,” said Yellen. Yellen said there were concerns about the currency being used ...

Full article: http://www.theguardian.com/business/2014/feb/27/janet-yel...

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YELLEN: Fed Has No Authority To Regulate Bitcoin

YELLEN: Fed Has No Authority To Regulate Bitcoin

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REUTERS/Joshua Roberts U.S. Federal Reserve Vice Chair Janet Yellen testifies during a Senate Banking Committee confirmati...

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