Federal Reserve

The Federal Reserve serves as the central bank of the United States of America.

Amidst numerous financial scares, it was created on December 23, 1913 with the Federal Reserve Act. Its current chairperson is Jerome Powell.

The federal reserve has three main functions: Conducting the nation’s monetary policy, supervising and regulating banking operations and maintaining an efficient and effective payment system.

The reserve has not yet created any legislation in regards to regulating cryptocurrencies. However, on August 2019, it announced that it will launch a real-time payment systems that will assist in faster transactions.

The system is called FedNow and is expected to launch in 2023 and 2024.