U.S regulators to set roadmap for banks in dealing with crypto assets

 

Digital currencies no matter have become successful in the contemporary economic world. But it has always been frowned upon by the traditional banking system. Now according to a recent crypto news update, there are attempts by a group of banking regulators of the United States to let the banks provide services related to cryptocurrencies on their balance sheets. 

According to Jelena McWilliams, the chairman of the FDIC, if this activity is not initiated in the banks, then such things will take place outside. And then the regulation would become a challenge for the federal regulators. 

Banks to deal in crypto assets

During an interview at a fintech conference with Reuters, the chairman of FDIC, Jelena McWilliams, revealed about the working on a roadmap by U.S. regulators to let banks deal with cryptocurrency assets. This task would be done via teamwork comprising the Office of the Comptroller of the Currency, Federal Reserve. 

Jelena further stated that the main aim is to facilitate banks with a path where they can become a custodian of the assets, and can use them. With time there will be efforts in how to deal with them plus under what situations they can be held on balance sheets by banks. 

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