This post was originally published on this site

ltechnologygroup.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

John WilliamsSan Francisco Federal Reserve President John Williams speaks to Reuters in San Francisco, California. Reuters/Stephen Lam

  • Federal Reserve Bank of San Francisco President John Williams said the Fed is not working on its own digital currency, right now. 
  • Reuters reported Wednesday Williams said the Fed is paying attention to research on blockchain, the technology underpinning cryptocurrencies like bitcoin.

The Federal Reserve isn’t planning on launching its own digital currency — at least for now. 

While speaking at an event at Arizona State University on Wednesday, the president of the Federal Reserve Bank of San Francisco, John Williams, said the Fed is not working on its own digital currency, according to Reuters reporting.

But the Fed is paying attention to research on blockchain, the technology underpinning bitcoin, the news wire said. 

Earlier this year, Jerome Powell, a member of the Federal Reserve Board of Governors, said a central bank digital currency would face privacy issues and competition from private enterprises, according to Bloomberg News

Other countries have appeared more open to the idea of a national cryptocurrency.

A group of Japanese banks are set to launch a new national digital currency in a bid to wean citizens off cash. As reported by Business Insider’s Oscar Williams-Grut in September, a consortium led by Mizuho Financial Group and Japan Post Bank plans to launch the new digital currency called “J-coin” by 2020. The project has the support of Japan’s central bank and regulators.

Estonia, a nation in eastern Europe, considered launching its own state-run digital currency. However, the so-called “estcoin” never got off the ground because the European Central Bank ultimately put the kabash on the idea, according to Quartz.

Capture.PNGMI

At L Technology Group, we know technology alone will not protect us from the risks associated with in cyberspace. Hackers, Nation States like Russia and China along with “Bob” in HR opening that email, are all real threats to your organization. Defending against these threats requires a new strategy that incorporates not only technology, but also intelligent personnel who, eats and breaths cybersecurity. Together with proven processes and techniques combines for an advanced next-generation security solution. Since 2008 L Technology Group has develop people, processes and technology to combat the ever changing threat landscape that businesses face day to day.

Call Toll Free (855) 999-6425 for a FREE Consultation from L Technology Group, https://www.ltechnologygroup.com.