The joint note from the governors shows that the Fed’s attitude is changing towards cryptocurrencies, betting on neutrality.
In a joint statement, the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) said banks should be aware of “significant volatility and vulnerability.” the cryptocurrency industry has experienced this year.
For commercial banks, cryptocurrency-related activities are “highly likely to be inconsistent with safe and sound banking practices,” according to a joint statement from the Fed, the FDIC, and the OCC. : in most of the US banking system).
“Given the significant risks highlighted by the recent difficulties of several major cryptoasset firms, the agencies continue to take a prudent and careful approach to current or anticipated cryptoasset activity and at each banking entity,” they noted.
The Fed, FDIC, and OCC “consider it important that risks associated with the cryptoasset sector that cannot be mitigated or controlled are not transferred to the traditional banking system.”
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US banks are authorized to offer their clients services related to these assets.
The post states that: “Banking organizations are not prohibited or discouraged from providing banking services to any type or class of customers as permitted by law or regulation.”
Therefore, it can be concluded from the note that although do not recommend this type of service, as long as the bank offers its customers sufficient security and stability, it will have a free hand to offer them.
This position may be due to the fact that Bank for International Settlements (BIS)the banking entity that controls almost all of the world’s central banks has given Green light for commercial banks to hold 1%-2% of their Tier 1 capital in cryptocurrencies.
The BIS also noted that banks can use cryptocurrencies as the shape of the fenceto protect against international sanctions.
The international organization has not placed restrictions on cryptocurrency holdings in the case of stablecoins.