Crypto alert to banks in the US – What Kind of Economy
In the US, banks were warned to be careful about the risks related to crypto assets. The US Federal Reserve (Fed), US Federal Deposit Insurance Corporation (FDIC) and the Office of the Control of Money (OCC) made a joint statement on the risks of crypto assets.
In the statement, it was reminded that the emergence of significant fluctuations and security vulnerabilities in the crypto asset sector marked the last year.
It was emphasized that banks should be aware of the fundamental risks associated with cryptocurrencies, such as fraud and legal uncertainties.
In the statement, it was stated that regulators have significant security concerns regarding bank business models that focus on crypto-asset-related activities or have heavy exposure to the crypto-asset sector.
The joint statement stated that issuing or holding crypto assets on a public or decentralized network may conflict with secure banking practices.