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October 4, 2022
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– Bitcoin, cryptocurrencies and blockchain technology.

We have another great news on cryptocurrencies, specifically stablecoins. On Monday evening, the Office of the Comptroller of the Currency (OCC) of the U.S. Treasury Department announced to the public that domestic banks may have their own independent blockchain nodes. Additionally “They can use new technologies, including stablecoins, to perform functions permitted by banks, such as payment transactions.”

OCC: Stablecoins are systems like SWIFT

In practice, the OCC’s decision means that banks can take advantage of stablecoins and the opportunities they offer.

“Banks also need to be aware of the potential dangers when carrying out activities related to independent node verification networks (INVN), including operational risks, compliance risks and fraud risks. New technologies require sufficient technological knowledge for banks to be able to manage these risks in a safe and reliable manner “

– however, warned later in the communication.

As a well-known group of lobbyists from the USA, the Blockchain Association, adds,“letter [OCC] states that blockchains have the same status as other global financial networks such as SWIFT, ACH and FedWire. ”

Blockchain policy liberalization

In 2020, the OCC also allowed banks to hold their clients’ cryptocurrencies. It can be considered that the new decision is a continuation of this policy.

However, the topic of the legal status of stablecoins in the US returns at an interesting moment. Recently, Congresswoman Rashida Tlaib introduced a law that, if it entered into force, could prohibit any activity of the stablecoin network, including private individuals serving, for example, Ethereum nodes that are to process DAI transactions.

Brian Brooks, who chaired the OCC, was previously the head of the Coinbase legal team, and since May he has been acting as the US currency controller. He has a rather surprising policy – liberalization on the cryptocurrency and blockchain market.

President-elect Joe Biden will soon take power in the White House. It is not yet clear which cryptocurrency policy his administration will choose. However, let us remind you that during one of his election campaigns to the Senate, he collected donations in BTC.

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