https://www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-2a.pdf
TLDR:
National banks and Federal savings associations (collectively referred to as "banks") may use new technologies, including INVNs and related stablecoins, to perform bank-permissible functions
... cryptocurrencies can present risks under AML and countering the financing of terrorism ... because cryptocurrencies may be used by bad actors for the purposes of avoiding the financial system or engaging in other illicit activities. However, banks have significant experience with developing BSA/AML compliance programs to assure compliance
An INVN is an "Independent Node Verification Network." In other words, all blockchains, among other distributed, node structured databases.
In other words, the lead regulatory office for all United States banks just declared that even though some cryptocurrencies present additional risks, they are nonetheless permissible, and they expect that banks are experienced enough to implement proper compliance programs. Much like they do with cash.
This is huge. Many large corporations and even banks have significant need of privacy, to protect trade secrets, business partnerships, and prevent telegraphing of their movements to competitors. This is also pretty big news in light of the fact that Kraken just received its own banking license, and lists the top privacy coin in crypto right now.
Submitted January 17, 2021 at 03:17PM by bawdyanarchist https://ift.tt/2NfAvx5 https://ift.tt/2Z7cX2s
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