Banking agencies to provide guidance on crypto after better understanding risks- FDIC head
2022.10.20 10:17
Banking agencies to provide guidance on crypto after better understanding risks- FDIC head
Budrigannews.com – Banking regulators expect to provide industry guidance to financial institutions on crypto-related activities once agencies better understand the associated risks, said the acting chairman of the Federal Deposit Insurance Corp.
“We must understand and assess the risks associated with these activities the same way that we would assess the risks related to any other new activity,” said Martin Gruenberg on Thursday during a speech at the Brookings Institution.
Gruenberg also added that a potential future payments system based on the use of stablecoin, which are crypto-assets typically pegged to the U.S. dollar, should complement the Federal Reserve’s forthcoming FedNow service, as well as a possible U.S. central bank digital currency.
