Yellen says Fed has no authority on bitcoin issues
March 01, 2014 00:00:00
WASHINGTON, Feb 28 : The Federal Reserve has no authority to regulate or otherwise deal with the crypto-currency bitcoin, Fed Chair Janet Yellen said Thursday.
Yellen said in a Senate hearing that the banks under its regulatory purview were not involved with bitcoin, and so the Fed had no powers over its use.
"This a payment innovation that is taking place entirely outside of the banking industry," she said. — AFP
