- Cryptocurrencies used for trading, lending, and borrowing might soon be engraved into your payments system.
- Brian Brooks, deputy to the U.S. Office of the Comptroller of the Currency, stated in a recent interview that given the pitfalls that cryptocurrencies bring with them there is much more to take away at the same time.
- There are plans that might implement keeping a focus on currencies such as Bitcoin, Ethereum, and XRP to name a few.
Cryptocurrencies used for trading, lending, and borrowing might soon be engraved into your payments system. Brian Brooks, deputy to the U.S. Office of the Comptroller of the Currency, stated in a recent interview that given the pitfalls that crypto brings with them there is much more to take away at the same time.
He also agreed that a few regulations are a kind of a mandate or archaic. There are plans which may be implemented keeping a focus on cryptocurrencies such as Bitcoin, Ethereum, and XRP to name a few.
The Crypto Roots of Acting Comptroller
The ex-chief legal officer of crypto exchange Coinbase assured that relevant rules and regulations will be in place for the pursuit of using digital currency as a mode of payment. Many citizens have been in the past duped of millions of money through online scams and cybersecurity thefts but Brooks asserted that blockchain technology can be a solution to all our problems.
Talks are underway to bring major reforms under the digital banking activities which may be adopted after a vote. To cite an example of the tedious task of transferring money from the US to a European country, he said that it takes up to three days for the statement to reflect the transaction. However, with the help of the underlying technology of crypto, blockchain, one can derive value instantaneously and eliminate that friction.
The US still tails financial colossal countries such as the UK and lacks a payment system like SWIFT. It carries out transactions in a flash and thus helps expand its user base. It is this unique feature that Brooks may be targeting along with regulating and supervising all the national banks.
Brian Brooks is one of the few representatives who has come out in the open in favor of crypto, not specifically coined by the government. He is on the same page with several financial stalwarts who feel that AI and blockchain technology can bring about a change for the better. The US is reeling through a financial and a public health crisis and this technology is a step towards economic superiority.