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FDIC Chair Says US Is Exploring Policies For Banks to Hold Bitcoin

CryptocurrencyOct 27, 2021 04:00AM ET
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© Reuters. FDIC Chair Says US Is Exploring Policies For Banks to Hold Bitcoin

  • The US banking authorities are exploring ways for banks to hold the flagship crypto Bitcoin in the country.
  • This development will enable banks to add BTC to their balance sheet.
  • Banks can even use Bitcoin as collateral for loans.

Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams has just revealed some good news for the entire Bitcoin (BTC) community. According to McWilliams, the US financial regulators are working to bring crypto-friendly policies that will generally allow banks to add Bitcoin to their balance sheet.

With this upcoming set of crypto-friendly rules, any bank that is crypto-spirited can directly engage with and do Bitcoin-related activities in the country. However, not only BTC, but the banks can also engage with other existing cryptocurrencies.

Moreover, by doing this, it will pave the way for the US banks to hold Bitcoin in custody purposely for client trading. One thing is for certain when the time does come, banks will be able to use BTC as collateral for loans.

McWilliams said,

I think that we need to allow banks in this space, while appropriately managing and mitigating risk. If we don’t bring this activity inside the banks, it is going to develop outside of the banks…The federal regulators won’t be able to regulate it.

Expanding further, if this happens, customers will have a whole new experience as a suit of offering will be available. With Bitcoin on the move, there are many expectations that this development will push bullish Bitcoin momentum and mainstream adoption.

Continue reading on CoinQuora

FDIC Chair Says US Is Exploring Policies For Banks to Hold Bitcoin
 

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