Technology, Business

July 23, 2020

US banks can now hold cryptocurrency

Source: Unsplash (Bermix Studio) 

The Gist

The new regulation clarifies that federally chartered banks across the United States can custody cryptocurrency assets. 

The List

  • While American banks have been technically allowed to custody digital assets since 1988, no specific regulations surrounding cryptocurrency had been given until now. 
  • The public letter by the Officer of the Comptroller of the Currency (OCC), which supervises and regulates national banks, has given the green light to American banks to hold cryptocurrency. 
  • The letter also states that banks may develop the technological infrastructure necessary to secure and transact cryptocurrency funds. 
  • Cryptocurrency advocates believe this will make larger institutions, especially financial institutions, friendlier to digital assets such as Bitcoin. 

Additional information

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