U.S. banks will have to clarify their cryptocurrency activities

13.05.2021 |

The Deposit Insurance Corporation in the United States has decided to learn more about banks’ plans to provide services to their customers in the cryptocurrency market. The plan is to send inquiries to financial institutions.

More and more banks and investment institutions are beginning to provide access to the cryptocurrency market for their clients, according to some reports, more than half of America’s investment-active population has already invested in cryptocurrencies. However, the Federal Deposit Insurance Commission still does not have a full understanding of the principles of financial institutions in the digital asset market, but experts are closely following the developments.

In addition to internal regulatory principles, the commission also raised concerns about the digital yuan. China’s national digital currency could help redistribute money flows in international settlements, which would reduce the U.S. dollar’s position in cross-border transfers.