THELOGICALINDIAN - The top cyberbanking regulator in the US has appear that civic banks and accumulation associations in the country can use accessible blockchains and stablecoins for acquittal activities Experts say this is acceptable for bitcoin and its accent should not be understated
Banks Can Use Public Blockchains and Stablecoins
The Office of the Comptroller of the Currency (OCC) appear an analytic letter on Monday “clarifying civic banks’ and federal accumulation associations’ ascendancy to participate in absolute bulge analysis networks (INVN) and use stablecoins to conduct acquittal activities and added bank-permissible functions.” The OCC supervises about 1,200 civic banks, federal accumulation associations, and federal branches of adopted banks that conduct about 70% of all cyberbanking business in the U.S.
“While governments in added countries accept congenital real-time payments systems, the United States has relied on our addition area to bear real-time payments technologies,” explained Acting Comptroller of the Currency Brian Brooks. “Some of those technologies are congenital and managed by coffer consortia and some are based on absolute bulge analysis networks such as blockchains.”
He continued, “The President’s Working Group on Banking Markets afresh articulate a able framework for ushering in an era of stablecoin-based banking infrastructure,” elaborating:
The OCC letter concludes that “a civic coffer or federal accumulation affiliation may validate, store, and almanac payments affairs by confined as a bulge on an INVN.” In addition, “a coffer may use INVNs and accompanying stablecoins to backpack out added permissible acquittal activities. In deploying these technologies, a coffer charge accede with applicative law and safe, sound, and fair cyberbanking practices.”
The crypto association broadly welcomes this OCC clarification. Dan Held, advance advance at cryptocurrency barter Kraken, commented: “The OCC will acquiesce US banks to use accessible blockchains and stablecoins as a adjustment basement in the US banking arrangement … This is huge for Bitcoin. As an abiding SoV it already acclimatized over a abundance dollars account of amount annually.”
Emphasizing that “This is a huge win for crypto and stablecoins,” Circle CEO Jeremy Allaire explained:
“Decentralized, permissionless, open-source and internet-mediated software is actually acceptable the foundation for not aloof the US banking arrangement but for the all-around economy,” he opined. “It additionally sets the date for added adapted banking institutions to run blockchain nodes, and alike become validators.”
What do you anticipate about this new OCC clarification? Let us apperceive in the comments area below.
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