Home coinbase Crypto To Enter US Financial System After Landmark Statement By Acting Comptroller

Crypto To Enter US Financial System After Landmark Statement By Acting Comptroller

  • 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.  

Download our App for getting faster updates at your fingertips.

en badge web generic.b07819ff

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners

Must Read

EagleFx Services Review

Headquartered at the Commonwealth of Dominica, Eaglefx was formed in 2019 with a vision to ease trading for its customers and give...

Coinmerce Registered at the Dutch Central Bank

Coinmerce can proudly announce that we have been added to the crypto register of the Dutch central bank on November 9th, 2020. Of...

Binance as the Leader of Spot and Derivatives

Binance has again surpassed its competitors in terms of spot tradingBinance achieved a volume of $164.8 billion from only the derivatives market

Dash Trading in Critical Support Area Unable to Regain its Positive Momentum

Dash is still trading negative after breaking below the major support level of $65.00 and unable to revive its positive momentum The DASH/BTC...

Tezos Remains Negative after the Breaks Below Crucial Price Level of $2.00

Tezos was unable to regain its positive momentum besides the overall market conditions turning green on Wednesday’s trading sessionThe XTZ/BTC pair is...

NEM New Currency “Image” Select in Began, Correspondence Rundown and Safeguard for Each Trade

The NEM Group set up an established  board of trustees consisting of the NEM Foundation.NEMTUS is an NPO organization that was set...

Related News

Paypal to start Crypto Service: CEO Discloses Expanded Limits, Venmo Rollout, and Expansion Plans

The organization is presently rolling out crypto usefulness to U.S. clients, after which it will dispatch the administration globally and on the...

Former Google Lawyer to Join the Crypto Space

Having more than 13 years of experience at Google as a senior legal director, now Milana will work at CoinbaseMcCullagh is not...

Virtual Currencies can be Considered as Trade Fund- Iran’s Central Bank

Iranian Government is suffering from a shortage of foreign currency and so planning to promote imports by giving permission to use virtual...

Jeremy Allaire, Co-Founder & CEO Circle Keen on using PayPal to Buy Bitcoin

PayPal announced that both direct payment and in-app purchase of cryptocurrencies would officially launch by next year on their platformThere is no...

Peru Starts taking Cryptocurrencies Regulation Seriously

The bitcoins' waving prices and the resistance put up by the Peru Government resulted in bitcoins and other cryptocurrencies took a huge...