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FDIC Urged to Provide Guidelines for Banks as Participation in the Cryptocurrency Industry Grows

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It is reported that according to the report issued by the Office of the United States Inspector General (OIG), the data of the Federal Deposit Insurance Corpor…

FDIC Urged to Provide Guidelines for Banks as Participation in the Cryptocurrency Industry Grows

It is reported that according to the report issued by the Office of the United States Inspector General (OIG), the data of the Federal Deposit Insurance Corporation (FDIC) shows that as of January 2023, about 136 banks are planning or have participated in various activities related to encrypted assets. The increasing participation of banks in the digital asset industry shows that people’s demand for cryptocurrency related services is growing, and also reflects the growing popularity of assets such as Bitcoin. However, OIG called on FDIC to provide appropriate guidelines for banks according to its responsibilities. The challenge for FDIC is to ensure that its policies and procedures take into account the risks related to digital assets, especially the risks related to deposit insurance. In addition, the report warns that given that 16% of Americans (52 million people) have purchased cryptocurrency, corresponding protection measures are increasingly needed. （Finbold）

Report: About 136 U.S. banks are planning or have provided services related to encrypted assets

Interpretation of the news:


According to a report issued by the Office of the United States Inspector General (OIG), approximately 136 banks in the United States are planning or have already participated in various activities related to encrypted assets as of January 2023. This represents a growing trend in the participation of banks in the cryptocurrency industry, highlighting the increasing popularity of assets such as Bitcoin and people’s demand for cryptocurrency-related services.

However, the OIG also called on the Federal Deposit Insurance Corporation (FDIC) to provide appropriate guidelines for banks to ensure that its policies and procedures take into account the risks related to digital assets, particularly those related to deposit insurance. With approximately 16% of American citizens having purchased cryptocurrency, or about 52 million people, the report warns that corresponding protection measures are becoming increasingly necessary.

The report emphasizes the importance of taking appropriate measures to address the risks related to cryptocurrency, given the increasing number of banks participating in this industry. In particular, the report recommends that the FDIC provide clear directives for banks to follow, outlining the necessary precautions and protection measures for their customers.

This report makes it clear that while banks are eager to participate in the growing cryptocurrency industry, they need to ensure that they are taking appropriate steps to protect their customers’ assets. Failure to do so could result in significant financial losses and reputational damage for banks.

In conclusion, the growing participation of banks in the cryptocurrency industry is a clear indication of the increasing popularity and demand for digital assets. However, it is important for regulatory bodies like the FDIC to provide clear guidelines and protection measures to ensure that banks are able to participate safely and responsibly in this growing industry.

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