Former Federal Reserve Chairman Ben Bernanke Praises Blockchain Technology

"IT'S AN OBVIOUS AREA WHERE NEW TECHNOLOGIES LIKE BLOCKCHAIN OR THESE ELECTRONIC CURRENCIES CAN BE USED TO IMPROVE THE PROCESS"

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Ben Bernanke, former Federal Reserve chairman, publically applauded blockchain technology at Ripple’s Swell conference in Toronto today.

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“It’s an obvious area where new technologies like blockchain or these electronic currencies can be used to improve the process,” said Bernanke.

Bernanke called out Ripple by name and proceeded to tell the audience that he’s read about the company’s work and considers any effort to cut cost, increase precision, quickness and trustworthiness and “bring the global economy closer together” is a virtuous stance.

Bernanke was then asked about bitcoin, which he has criticized since 2015.

“Bitcoin is meant to be an attempt to replace fiat currencies and evade government regulation and government intervention… Eventually governments will take any action they need to prevent [that].”

When questioned if bitcoin or other cryptocurrencies may disturb monetary policy, Bernanke stated that he doesn’t see that happening.

“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.”

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