The Federal Reserve Bank de Saint-Louis published an article entitled "A brief introduction to the world of cryptocurrences". a globally favorable appraisal of the applications of digital currency and Blockchain for the future.

The paper, written by Aleksander Berentsen and Fabian Schär, begins with a humorous comparison of the Bitcoin system (BTC) at the island of Yap. The population of the small islands was to keep a virtual record of those who possessed what currency, because their value units were large, almost unchangeable stones that would remain in the same place, regardless of their property, and could be lost at sea.

The researchers then discuss the technical details of Bitcoin mining mechanisms, the mathematics behind the hashing, and how the transaction consensus works, touting the utility of Bitcoin as an asset of the future:

It is likely that cryptoassets such as Bitcoin will emerge as their own class of assets and could thus become an interesting instrument of investment and diversification. Bitcoin itself could over time assume a role similar to that of gold.

The article then provides the areas in which Blockchain technology will have the most effective applications, citing "colored pieces". transaction related to a BTC transaction, smart contracts, an application in which Ethereum currently leads, and data integrity.

Negatives of Blockchain technology applications, according to researchers, are the potential for forks, the energy waste involved with mining, and the price volatility of a non-centralized currency

The conclusion of the paper further emphasizes the potential for a new class of digital currency assets:

"As an asset, however, Bitcoin and other chips based on the blockchain should not be overlooked.Innovation allows to represent the digital property without the need of a central authority.This can lead to the creation of a new class of assets that can become a valuable instrument of portfolio diversification. "

In January 2017, Federal Reserve Chairman Janet Yellen spoke favorably of the possibility of blockchain. facilitate global financial transactions, but did not provide details on how this could be implemented.