US commercial banks will be able to use Bitcoin, Ethereum and stablecoins – Inspired Traveler

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Monday 4 January 2020, theOffice of the Comptroller of the Currency (OCC), the US banking regulator, issued a press release indicating that the country’s banks could use public blockchains such as Bitcoin or Ethereum as well as stablecoins.

“The Office of the Comptroller of the Currency (OCC) today released a letter clarifying the power of national banks and federal savings associations with respect to their participation in Independent Node Verification Networks (INVNs) and their ability to use stablecoins to perform payment activities and other functions authorized by banks, ”the regulator explained.

Concretely, this means that American banks will be able to use stablecoins to facilitate payment transactions for their customers, but also to issue and exchange them for fiat currencies. “a national bank or a federal savings association can validate, store and record payment transactions by serving as a node on an INVN.”

“Banks should also be aware of the potential risks when conducting INVN-related activities, including operational risks, non-compliance risk and fraud. New technologies require sufficient technological expertise for banks to be able to manage these risks in a safe and solid manner, “the statement also said.

Simon Polrot, president ofAssociation for the development of digital assets (Adan) relayed the news on Twitter and summed up in three points what US banks can do:

The deputy Pierre Person, who was the rapporteur for the information mission on cryptocurrencies carried out by on April 30, 2020, also commented on the information:

By opening up the possibility for American commercial banks to validate transactions on the Blockchain and the exchange of “Stable Coin”, the American regulator is immersing the monetary system in the new world instead of modernizing the old one.
What de l’Europe?

For Nick Carter, partner of Castle Island Ventures and co-founder of Coin Metrics,
“It’s completely mind-blowing. This is perhaps the clearest commentary on the public blockchain regulatory issue I’ve ever seen,” he said. indicated on Twitter.

Read the full document here.

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