RATE Group | US Banking System Suffers Outage: Crypto Fans Cheer
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US Banking System Suffers Outage: Crypto Fans Cheer

20 Dec US Banking System Suffers Outage: Crypto Fans Cheer

Posted at 05:53h in Cryptocurrency News by

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The U.S. Automated Clearing House system experienced an outage on Dec. 18 between 3 P.M. and 7 A.M. of the next day. Since the system handles the majority of domestic bank transfers, some in the crypto community were quick to point out that Bitcoin does not suffer outages.

The U.S. Federal Reserve operates the FedACH service, a branch of the wider system that processes transactions for commercial banks. Jean Tate, a spokeswoman at the Atlanta Fed commented to Bloomberg:

“The FedACH service … is currently operating normally after experiencing delays in processing yesterday afternoon and early this morning. Some customers experienced delays in receiving confirmations of yesterday’s transactions. Federal Reserve technical staff continue to investigate the root cause of the issue.”

This is the second major disruption of the system in 2019, following a three-hour downtime period of the FedWire interbank transfer service in April 1. The Fed did not disclose specific causes…

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