OCC’s Brian Brooks thinks that DeFi can root out bias and fraud in traditional banking

In an opinion piece published in the Financial Times on Tuesday, Acting Comptroller of the Currency Brian Brooks put forward the need to reconfigure banking regulations for an age of algorithms.  Brooks, who currently leads the Treasury’s Office of the Comptroller of the Currency, compared existing banking regulations to traffic laws. He further used the analogy of self-driving cars for new steps in decentralized finance. “Just as the original rules of the road protected us from other drivers, so our current bank regulations exist mainly to prevent human failings,” wrote…

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Top US Banking Regulator: Banks Are Authorized to Use Public Blockchains and Stablecoins for Payment Activities

The top banking regulator in the U.S. has announced that national banks and savings associations in the country can use public blockchains and stablecoins for payment activities. Experts say this is good for bitcoin and its importance should not be understated. Banks Can Use Public Blockchains and Stablecoins The Office of the Comptroller of the Currency (OCC) published an interpretive letter on Monday “clarifying national banks’ and federal savings associations’ authority to participate in independent node verification networks (INVN) and use stablecoins to conduct payment activities and other bank-permissible functions.”…

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Top US Banking Regulator Reveals Positive Cryptocurrency Regulation Coming in Weeks

The top U.S. banking regulator has confirmed that positive cryptocurrency regulation is coming in a matter of weeks, by the end of the Trump term. “It’s going to work for everybody,” said the regulator, adding that the new regulation will “make it easier for crypto investors to know how to invest,” therefore attracting more institutional investors. New US Crypto Regulation Will ‘Work for Everybody’ Acting Comptroller of the Currency, Brian Brooks, answered some questions about the upcoming U.S. cryptocurrency regulation in an interview with CNBC’s Squawk Box on Friday. Brooks…

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Facebook’s Diem stablecoin is an existential threat to traditional banking

Facebook, it is reported, could launch its long-awaited digital currency as early as January 2021 in the form of a U.S. dollar-backed stablecoin. Central banks and regulators have been galvanized into action since Facebook first announced its intentions by publishing a white paper in 2019. They are right to be concerned, as stablecoins — particularly ones such as the rebranded Diem that have the potential for massive network effects — bring new risks to consumers and savers as well as to the global financial system. Related: What Is Libra? Breaking…

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Massive Protests Led to Suspension of SWIFT and Banking Activities in Kyrgyzstan

Kyrgyzstan has suspended the SWIFT system and recommended that banking activities be halted until the severe political unrest in the country stabilizes. Massive protests broke out after parliamentary elections as the opposition stormed government buildings and forced the prime minister to resign. Suspension of SWIFT and Banking Services The National Bank of Kyrgyzstan announced on Wednesday that the SWIFT system has been suspended in the country as the political unrest intensifies. The central bank also “recommends that commercial banks and non-bank financial institutions suspend their activities and strengthen security measures…

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US Banks Can Now Hold Reserves for Stablecoin Issuers, Says Federal Banking Regulator

The U.S. Office of the Comptroller of the Currency (OCC) on Monday published a letter clarifying that national banks and federal savings associations can now hold reserves for stablecoin issuers in the country. According to the OCC’s interpretive letter, reserve accounts can either be funded through deposits from stablecoin issuers or deposits from individual stablecoin holders. It stressed that banks can hold such reserves provided that ”the issuer has sufficient assets backing the stablecoin in situations where there is a hosted wallet.” The letter responds to questions regarding the application…

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Report: Market Valuation of 14 Banking Giants Shed $635 Billion This Year

The world’s largest banks lost a considerable amount of market valuation amid the Covid-19 pandemic, according to a new report that estimates financial incumbents lost $635 billion. Between December 2019 and August 2020, the market caps of 14 major banking institutions lost upwards of 30-50% during the time period. A newly published report written by Buyshares and the researcher Justinas Baltrusaitis, shows that during the first half of 2020, the world’s banks lost a considerable amount of market capitalization. Buyshares data shows that 14 select “major global banks” lost a…

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Crypto-Friendly Banking Platform Cashaa Expanding in India, US, Africa

Crypto banking platform Cashaa has unveiled plans to expand its services in India, the U.S., Africa, and the Caribbean. In India, the company aims to create “the first crypto-friendly banking platform” that is regulated by the central bank, the Reserve Bank of India (RBI), Cashaa’s CEO has shared with news.Bitcoin.com. Cashaa Unveils Expansion Plans London-based crypto-friendly banking platform Cashaa has unveiled its expansion plans, having raised $5 million from Dubai-based blockchain investment and advisory firm O1ex. “As a part of its expansion plans, Cashaa is set to launch its global…

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With Bitcoin ATMs, CoinFlip Is Banking The Unbanked – Bitcoin Magazine

This is a promoted article provided by CoinFlip. There are now many ways to obtain bitcoin and join the growing revolution in sovereign digital wealth. Among them, you can mine bitcoin, you can earn bitcoin in exchange for goods or services and you can buy bitcoin for fiat currency through a credit card or bank account on an online exchange. But perhaps no other vehicle for gaining bitcoin is as frictionless for the underbanked and unbanked around the world than Bitcoin ATMs. As their name implies, Bitcoin ATMs are automatic…

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JPMorgan Chase Starts Accepting Bitcoin Businesses for Banking Services

JPMorgan Chase has reportedly started providing banking services to bitcoin businesses, with the first two clients being Coinbase and Gemini exchanges. JPMorgan also recently recommended having cryptocurrency in investment portfolios as its CEO, Jamie Dimon, changed his mind about bitcoin. JPMorgan Chase’s Bitcoin Clients JPMorgan Chase & Co. has reportedly started to accept clients from the cryptocurrency industry. The Wall Street Journal reported on Tuesday that two prominent bitcoin exchanges, Coinbase Inc. and Gemini Trust Co., have become banking customers of JPMorgan Chase, citing people familiar with the matter. The…

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