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“We need to allow banks to hold bitcoin,” says US regulator FDIC

“We need to allow banks to hold bitcoin,” says US regulator FDIC



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27 Comments

  1. Great, so the banks can take custody of their customer’s BTC, and then subject those coins to the same fractional-reserve banking schemes that they subject their customer’s fiat to now? No thanks, I’ll keep holding it myself.

    Edit: How long until those same banks are allowed to start loaning BTC? Then the circle is complete and they can make as much “paper” BTC as they want through lending their customer’s coins?

  2. tldr; Federal Deposit Insurance Corporation (FDIC) President Jelena McWilliams has said that banks should be allowed to store cryptocurrencies for themselves and their customers. This comes amid the creation of an interagency team, composed of officials from the FDIC, the Federal Reserve and the Office of the Comptroller of the Currency, to coordinate cryptocurrency policies for US banks.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  3. Banks will confiscate your digital assets, if you do transactions that aren’t in line with their policies.

    “Oh you tried to spend your BTC, at xyz. Transaction denied.”

    “Oh sorry we can’t process your withdrawal, not until we complete our investigation.”

    I can only imagine the draconian measures

  4. Individuals should **buy actual Bitcoins** (not bank-custodial Bitcoin, nor alt-coins, GBTC, ETFs, paypal, robinhood, etc), then send their Bitcoins to their own (hardware) wallets.

    “*Not your keys, not your Bitcoins*.” — Antonopoulos

  5. Y’all hating on this don’t seem to understand the balance sheets banks have…

    We’re talking each individual large bank would become a multi-billion holder in btc…

    This would likely open risk limits for the large wealth management funds that they own too

    This is absolutely 🚀 fuel

  6. If banks can’t hold it, businesses won’t use it. This is a good thing if people want crypto to go mainstream. You don’t have to deposit it, just like cash. However crypto becomes more legitimate if places can store it, with financial protection… #DevilsAdvocate

  7. I was sitting in the front row when she did this talk at the Money 20/20 conference last week in Las Vegas. There were maybe 30 people there listening. It absolutely was not an announcement or any shift in regulatory opinion, she was just talking. Notice how short the article is.

What do you think?

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