Top US Banking Regulator: Banks Are Authorized to Use Public Blockchains and ...
The top banking regulator in the U.S. has announced that national banks and savings associations in the country can use public blockchains and stablecoins for payment activities. Experts say this is good for bitcoin and its importance should not be understated. Banks Can Use Public Blockchains and Stablecoins The Office of the Comptroller of the Currency (OCC) published an interpretive letter on Monday “clarifying national banks’ and federal savings associations’ authority to participate in independent node verification networks (INVN) and use stablecoins to conduct....
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The price of bitcoin and native tokens for other stablecoin-supporting blockchains jumped after the OCC approved banks to use public blockchains.
The ANZ Banking Group, a major banking corporation in Australia and New Zealand is exploring and investing in blockchain technology. Like most other banks, it is focusing on private ledgers, unlike a public ledger like the bitcoin blockchain. The recent hack-attack of the DAO is more proof that public blockchains are far too risky to be embraced by private banks, according to Nicholas Groves, ANZ group strategy executive manager. Groves pointed to the DAO attack, highlighting the incident while speaking at the in Melbourne, Australia, last week. “The point about who controls a public....
A new interpretive letter from the Office of the Comptroller of the Currency paves the way for stablecoins and public blockchains to be fully integrated in the financial infrastructure.
The group has previously warned of "financial stability concerns" and risks faced by banks when it comes to cryptocurrencies. The Basel Committee on Banking Supervision has said it will be publishing a consultation paper aimed at banks reducing their risk of exposure to crypto. According to the Switzerland-based Bank of International Settlements, or BIS, the Basel Committee will publish the paper on crypto exposure this week following its decision to hold a public consultation on the matter. The announcement came during a Friday meeting, during which the committee also discussed the impact....
The Blockchains + Digital Currencies conference was held on July 28, 2016, in New York. Leaders and entrepreneurs in the banking and fintech industries discussed how blockchains and cryptocurrencies, such as Bitcoin and Zcash, can help reengineer banking processes and provide faster and more secure financial transactions, as well as cut costs by billions....