Cryptocurrencies Its increasing adoption and popularity has not escaped the attention of the US Federal Deposit Insurance Corporation (FDIC).
FDIC Deputy Chairman Martin J. Gruenberg announced the FDIC’s priorities for 2022 in a statement he published yesterday.
of the FDIC Stating that his main duty is to maintain the stability and public confidence in the US financial system, Gruenberg said, cryptocurrencies He also stated that it is among the important issues to be addressed by the institution.
Expressing that each of the 2022 priorities will require close cooperation between federal banking institutions, the FDIC pointed out that the integration of cryptocurrencies and the financial system may pose some risks.
According to the FDIC, the rapid integration of digital assets with the existing financial system can pose significant risks to the security and soundness of the financial system.
The following statements about digital assets were included in the statement:
“To the extent that such activities can be conducted in a safe and sound manner, agencies will need to provide the banking industry with sound guidance on prudent and management of consumer protection risks arising from crypto-asset activities.”
Former FDIC chair Jelena McWilliams said in a statement that the FDIC is focused on creating “clear guidance” for the intersection of cryptocurrency and banking.