Bitcoin is about to swallow the United States' financial system with a new resolution from the country's largest banking agency, the OFffice of the Comptroller of the Currency (OCC).
The resolution published yesterday by the OCC allows banks in the United States to participate in checks on open networks such as bitcoin and to use stablecoins in payment activities.
Jerey Allaire, CEO of fintech Circle, explained the consequences of this move for bitcoin and other cryptocurrencies:
“…. these new guidelines allow U.S. banks to use public blockchains and dollar stablecoins as a settlement infrastructure in the U.S. financial system.
This is a big win for crypto and stablecoins. The new interpretative charter states that banks can treat public chains as infrastructure similar to SWIFT, ACH and FedWire, and stablecoins like USDC as electronic stored value. The significance of this cannot be underestimated.
Decentralized, unauthorized use, open source, Internet-mediated software is literally becoming the basis not only for the US financial system, but for the global economy. ”
This is another movement of the so-called “Bitcoin banking”, a movement that takes cryptocurrencies into the mainstream through financial products often linked to the traditional financial system.
Some examples of this movement happened last year when Kraken, Bitcoin Market, Bitcoin To You, Alterbank and other exchanges signaled the creation of their own banks.
The use of cryptocurrency in loans with guarantee, cashback and through funds also signal the professionalization of the cryptocurrency market. The OCC measure accelerates the progress of this global movement.
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