US Banking Regulators Release Crypto Agenda, Permission Required for Availing Digital Currencies

Gitumani  |  Nov 24, 2021

On Tuesday, US banking regulators have released their crypto agenda as well as their plans for synchronizing cryptocurrencies. The banking agency proclaimed a to-do list highlighting their priorities for 2022. Moreover, it announced its latest policy that would necessitate banks' permission before availing of digital currencies. 

Crypto Agenda Released by US Banking Regulators

The Federal Reserve along with other banking agencies passed an agenda summarizing areas of focus, the strategy of a plan to weigh custody, crypto-backed loans & capital standards plan. The Office of the Comptroller of the Currency claimed, "The US banks must get a supplementary sign-off from the regulator pre-digital coins engagement."

Federal Deposit Insurance Corp – the Fed, Office of the Comptroller of the Currency comments, "During 2022, the agency's schemes to bestow superior clarity on whether certain activities crypto-assets held on behalf of banking organizations are lawfully permissible."

Never before had the China-based cryptocurrency data providers been posed by regulatory crackdowns. The online cryptocurrency community Bishijie, aborted operating from its website and app in mainland China.

Risks Stemming from Volatility

In May, a total of three Chinese state-sponsored financial associations proclaimed a caution related to the risks stemming from volatile cryptocurrencies. China's State Council Financial Stability and Development Committee, owned by Vice-Premier Liu He said, "It's high time you take the warning seriously. The warning might take you into a nationwide crackdown on bitcoin mining and trading."

In September, China's top-most economic conspirator - National Development and Reform Commission (NDRC), commented, "Mining of bitcoin along with other digital tokens to a blacklist of industrial activities needs to be abandoned."

This week, NDRC claims, "We'll be implementing further expedients to eliminate cryptocurrency mining." In September, the central bank exacerbated the dismissal, putting forth the warning that a Chinese citizen involved in bestowing support to offshore cryptocurrency exchange will be a subject of investigation.

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