A group of banking regulators in the United States is trying to provide a clear path for banks and customers who want to have bitcoin and other cryptocurrencies. Jelena McWilliams, the president of the Federal Deposit Insurance Corporation (FDIC), spoke about the issue at the Milken Institute Global Conference held days ago.
As Reuters reported today, the expert in insurance said at the conference that cryptocurrencies could be included in the bank balances of each person as traditional assets. It even affirms that they could begin to be used as loan guarantees.
Currently, there are already several non-bank companies and decentralized finance platforms that offer loans with cryptocurrencies , such as the Spanish company BitBase. It is a growing service that the official recognizes that banking institutions are losing out by not offering it.
She only warns that, for this, it is necessary that the banking industry Define clear rules about the custody of cryptocurrencies. In this way, you could facilitate the trading of these assets. McWilliams stated: “I think we should allow banks to enter this space, as long as they adequately manage and mitigate risk.”
He points out that the biggest challenge is deciding what type of capital and liquidity treatment they will assign to these high volatility assets. Once these parameters are defined, the banking industry will be able to safeguard the cryptocurrencies of its clients. This, in turn, would allow federal agents to regulate the activity.
Banks are losing the opportunity to trade cryptocurrencies, believes McWilliams
During the conference, which took place in the city of Beverly Hills, California, McWilliams stated that he not only intends to establish a clear outlook for banks to use cryptocurrencies. It warns that investments in these assets will continue to grow outside the banking industry if they do not join , so the future lies in adding them to their services.
Precisely the spokeswoman for the FDIC, who is a member of the Republican Party, said “if we do not carry this activity within the banks, it will develop out of them. ‘ And he adds that without their contribution as intermediaries, the federal regulators will not be able to control it, something that they consider should happen.
As CriptoNoticias had reported in May, these statements show the result of the union of state government agencies United to regulate cryptocurrencies. Since then, the FDIC has worked in conjunction with the Federal Reserve and the country’s Office of Currency Control to achieve this goal.
