Complying with a significant statement by the United States Office of the Comptroller of the Currency (OCC) (OCC), significant tribes within the crypto area – be it stable coins, Bitcoin (BTC), Ethereum (ETH), and so on – began declaring the information is advantageous for them especially.
On Monday, the OCC published Interpretive Letter 1174, which stated that financial institutions may use new modern technologies, including stable coins as well as independent node verification networks (INVNs, or blockchain networks), to perform bank-permissible functions. This, among other points, implies that a financial institution may make use of stable coins to help with repayment transactions for consumers, as well as might likewise provide these coins and also trade them for fiat. The participating banks, nevertheless, need to be aware of the going along with compliance, functional, and scams risks, warned the federal financial regulator.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.