Most Important Crypto Regulation Yet? Banks Can Treat Public Blockchains Like...
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.
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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 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....
Investor Fred Wilson, co-founder of Union Square Ventures, thinks banks are missing the most important opportunity bitcoin offers by building private blockchains. Speaking on a panel with Nathaniel Popper of The New York Times at the CB Insight “Future of Fintech,” he said the transformative value of virtual currency will be on a public blockchain, as reported by the Observer. Private blockchains copy the distributed approach of public blockchains but hide it inside the servers that their creators have given permission to maintain a copy. Private Blockchains? Think Compuserve. Wilson, a....
In many recent articles, Bitcoin Magazine reported the trend toward private, "permissioned" non-Bitcoin blockchains, supported by Accenture and Digital Asset Holdings CEO Blythe Masters, among others. Permissioned blockchain developments for banks and financial operators have been started by giant Swiss bank UBS, Bitcoin exchange itBit and more. Permissioned blockchains would offer the advantages of digital currencies powered by public blockchains - fast and cheap transactions permanently recorded in a shared ledger - without the troublesome openness of the Bitcoin network where anyone can....
DBS and Kinexys by JPMorgan are working on a plan to let tokenized bank deposits move between their on-chain systems. The goal is to let customers of the two banks send and receive deposit tokens around the clock, and to make those tokens usable on both permissioned ledgers and public blockchains like Base. The effort […]