Banking Agencies Will Provide Crypto Advice After Better Understanding Risks – FDIC Official

Oct 20 (Reuters) – Banking regulators expect to provide guidance to financial institutions on crypto-related activities once agencies better understand the associated risks, the Federal Deposit Insurance Corp acting chairman said .

“We need to understand and assess the risks associated with these activities in the same way that we would assess the risks associated with any other new activity,” Martin Gruenberg said Thursday during a speech at the Brookings Institution.

Gruenberg also added that a potential future payment system based on the use of stablecoins, which are crypto-assets usually pegged to the US dollar, should complement the Federal Reserve’s future FedNow service, as well as a possible currency. U.S. central bank digital.

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Reporting by Hannah Lang in Washington

Our standards: The Thomson Reuters Trust Principles.


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