St. Louis Federal Reserve adds four major cryptocurrencies to its price indices

21 Jun, 2018
by Richard Allen
St. Louis Federal Reserve adds four major cryptocurrencies to its price indices

Announced on Tuesday, the Federal Reserve Economic Data (FRED), a database provided for by the St. Louis Federal Reserve has announced that they will be including price data for bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), and Litecoin (LTC), going as far back as 2014 in the case of bitcoin, CCN reports.

San Fancisco-based cryptocurrency exchange and brokerage platform Coinbase will provide the data points, updated daily at 17:00 PST.

The St. Louis Fed has said it will add pricing data for ethereum classic (ETC) once Coinbase has formally listed the token.

Traditionally, the Federal Reserve has had a complicated relationship with cryptocurrencies. The St. Louis branch, however, has been rather open by comparison.

Governor of the St. Louis Fed James Bullard spoke at Consensus last month. While his comments can’t be described as bullish, he envisioned a future in which cryptocurrencies play an important role. He expressed concern that cryptocurrencies could cause the monetary landscape to revert back to a “non-uniform currency system.”

“Cryptocurrencies may unwittingly be pushing in the wrong direction in trying to solve an important social problem, which is how best to facilitate market-based exchange,” he said.

The St. Louis Fed published an article earlier this year in which they state that bitcoin isn't all that different from "regular currency." They said that both BTC and the USD are backed by nothing, scarce, and - in the case of cash - decentralised.

Officials at other branches, such as Raphael Bostic who heads the Federal Reserve Bank of Atlanta have been less amicable. Bostic warned young people against investing in digital tokens, which he likened to hype-driven collectibles such as Beani Babies.

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