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America Embraces Bitcoin: Crypto Money Permit to Banks

The Currency Control Office (OCC), which is responsible for the supervision of banks in the United States, has given green light to national banks to hold cryptocurrencies on behalf of their customers. The cryptocurrency sector enthusiastically welcomed the development.

The Money Control Office (OCC), which is affiliated with the U.S. Treasury Department and oversees federal-level banks, has given green light to banks that offer cryptocurrency storage services. The OCC made public requests last month about banks’ digital activities, including actions related to cryptocurrencies and digital assets. For this, August 3 was set as the deadline. Approximately 1.5 months later, banks were given cryptocurrency storage confirmation.

In the explanatory letter on the subject, written by the OCC, “OCC recognizes that as financial markets become more and more technological, there will be an increasing need for banks and other service providers to take advantage of new technologies and innovative ways to deliver traditional technologies. on behalf of their customers. ” expressions were used.

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Brian Brooks leads OCC. Brooks was in office less than two months ago and was previously responsible for the legal affairs of the cryptocurrency exchange Coinbase. 

Regarding today’s development, Brooks said;

“We must ensure that banks can meet all of their customers’ financial service needs today, from vaults to virtual vaults.”

Recently, there have been important developments in terms of convergence of the banking sector and cryptocurrencies in the USA. For example, the banking giant JPMorgan began offering banking services to the crypto exchanges, along with the Coinbase and Gemini exchanges.

They can also offer stake services

Banks can not only offer cryptocurrency retention services, but can also offer stake services under the approval of the bank. In the press release, it was emphasized that cryptocurrency holding services can go beyond passively holding cryptocurrency keys.

What did they say?

Turkish computer scientist Emin Gün Sirer, one of the leading names in the blockchain field:

“Banks can now offer cryptocurrency storage services. This is really important.”

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Leading names of the cryptocurrency industry welcomed the development. Leading names of the cryptocurrency industry welcomed the development. Bitcoin investor and entrepreneur Alistair Milne made the following comment;

“This was something that banks quietly demanded from the regulators in the background, saying that Bitcoin is absurd and never going to be popular.”

“This is a positive development for the cryptocurrency sector and its adoption,” said famous Bitcoin developer Jeff Garzik. It will create a wave in the market. It also means new competition for cryptocurrency players like BitPay or Coinbase. Cryptocurrencies can enter the field more easily. ” used expressions.

Famous Bitcoin developer Jeff Garzik; “This is a positive development for the cryptocurrency sector and its adoption. It will create a wave in the market. It also means new competition for cryptocurrency players like BitPay or Coinbase. Cryptocurrencies can enter the field more easily. ” used expressions.

 

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