Bitcoin (BTC) and cryptocurrencies Its adoption continues to increase day by day. So much so that interest is growing by both retail and institutional investors.
Aware of this interest, the US Federal Reserve Fedbanks cryptocurrency published a new letter on its activities.
Today, the Fed pays the banks under its control. with cryptocurrencies He wrote a letter stating that they should inform the board before their related activities.
The Fed also advised banks to assess whether their activities are legitimate before dealing with cryptocurrencies.
The letter, written by Michael Gibson, Fed’s Director of Audit and Regulation, and Eric Belsky, Director of Consumer and Community Affairs, included the following statements:
“The emerging cryptocurrency industry offers potential opportunities to banking institutions, their customers, and the overall financial system.
However, activities related to cryptocurrencies may pose risks to safety and soundness, consumer protection and financial stability.”
Among the risks of cryptocurrency activities cryptocurrency It was stated that the technology that forms the basis of the units is still relatively immature, concerns about cybercrime and money laundering crimes, terrorist financing, possible risks to consumer protection and financial stability.
In this context, the letter “Certain types of cryptocurrencies, such as stablecoins, could pose risks to financial stability, including disruptions to payment systems, if adopted on a large scale.” it was said.
The Fed also said banks should contact their supervisors on the board and set up risk management controls.
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