“Banks must consider the potential risks when conducting business on the blockchain, including operational risks, legal compliance and fraud. New technologies require sufficient skills to ensure that banks can handle these risks, ”the regulator warns.
1/ Breaking major news from US Treasury OCC, the largest US banking regulator (@USOCC), with new guidance allowing US banks to use public blockchains and dollar stablecoins as a settlement infrastructure in the US financial system. https://t.co/gQFWISWUnc
– Jeremy Allaire (@jerallaire) January 4, 2021
“Huge win for cryptocurrencies and stablecoins. The significance of this announcement cannot be overemphasized, he writes. – We are on the way to ensure that all important economic transactions are carried out on the blockchain. As a result, dollar-based digital currencies can be used as a mass tender for all forms of payments and settlements. Also, more financial institutions will be able to launch nodes in blockchains and even become validators. ”