FDIC Chief Says Regulators Are Working To Create Norms For The Inclusion Of Cryptocurrencies In The Banking System
Federal Deposit Insurance Corporation (FDIC) Chairman Elena McWilliams said regulators are actively working to create "clear guidelines" that will allow cryptocurrencies to be included in the traditional banking system. She noted that the rules will allow "innovation to flourish while reducing risks."
The documents are being developed with the participation of several departments, including the Federal Reserve and the Office of the Comptroller of the Currency under the US Treasury.
After the entry into force of the new rules, and they are going to be presented in a few months, banks will be able to store, conduct monetary transactions with cryptocurrencies, and also offer them to their customers. McWilliams also noted the importance of regulating stablecoins and complying with money laundering regulations.