The United States administration has given the green signal for all nationally chartered banks in the nation to offer custody services for virtual currencies.
Jonathan Gould, Senior Deputy Comptroller and Senior Counsel, has announced that any of the United States’ national banks can hold onto the exclusive cryptographic keys for a digital asset wallet. Gould made the aforementioned declaration in a letter dated 22nd July that seems to be addressed to an anonymous bank.
Previous to banks’ getting the green light from Gould, crypto custody service could only be offered by specialist firms. To present the service to large investors, these firms characteristically had to be in ownership of a state license like a trust charter.
Because of the official permission, national banks in the US will be able to hold cryptocurrencies for their clients, who could profit from the decision as a consequence. In the letter, Gould mentioned that banks “may offer more secure storage services compared to existing options.”
Furthermore, Gould forecasted that to keep offering traditional services in the future, banks would probably have to consider new high-tech solutions.
The Future is Now Media Group have launched a YouTube show called The Future is Now Digest, hosted by Miguel Francis-Santiago. Together […]
April 30, 2020
PRESS RELEASE — 10,000 participants are expected to join CHAIN2020 in Hong Kong on January 15, which aims to become one of […]
December 27, 2019
Research into CBDCs will play a crucial part in the fintech development endeavors of Hong Kong. The Hong Kong Monetary Authority has […]
June 11, 2021
Segal-Knowles, the Bank of England’s executive director of the Financial Market Infrastructure Directorate recently commented that stablecoins are hardly “launching us off […]
June 11, 2021