Banks should Beware of Cryptocurrencies-U. S. Regulator
2023.01.03 14:15
Banks should Beware of Cryptocurrencies-U. S. Regulator
Budrigannews.com – Banks should be aware of key risks associated with cryptocurrency, according to U.S. banking regulators on Tuesday. These risks include legal ambiguities and digital asset companies’ inaccurate or misleading disclosures.
The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency also stated in their first joint statement on cryptocurrencies that banks that issue or hold crypto tokens that are stored on a public, decentralized network are “highly likely” to be inconsistent with safe and sound banking practices.
Additionally, the regulators stated that bank business models with a concentrated exposure to the cryptocurrency industry or a high concentration of crypto-related activities raise safety and soundness concerns.
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