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Fed Chair Jerome Powell Endorses Ethereum-Backed Reference Rate Project To Replace LIBOR
Jerome Powell, the current Chair of the US Federal Reserve, recently stated that an Ethereum-backed blockchain project operating as a reference rate – called AMERIBOR – could serve as a potential replacement to LIBOR. Blockchain Project To Replace LIBOR? The London Interbank Offered Rate (LIBOR) has a significant role in global finance. It’s utilized to determine numerous metrics from the interest rates that giant corporations pay for loans to the rates individual consumers pay for student loans or mortgages. However, some bankers using LIBOR reported false interest rates and ultimately manipulated the markets to boost their own profits. While this was undetected for years, when exposed, it became known as the LIBOR scandal . Since then, most world central banks have been searching for a replacement, including the Fed. While the Fed continues to support the Secured Overnight Financing Rate (SOFR) as the Alternative Reference Rates Committee’s (ARRC) preferred alternative, Powell re...
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