As I was reading about cryptocurrency today, I came across this article: https://www.coindesk.com/policy/2023/08/08/fed-starts-new-program-to-oversee-crypto-activity-in-us-banks/
Apparently, it is un updated policy/guideline from the federal government regarding how banks can interact with cryptocurrency. It appears that banks need to get prior approval before engaging with cryptocurrency.
There is a new program called the "novel activities supervision program” regarding how banks can and should interact with cryptocurrency. My stance all along (in the brief time that I have become interested in/learned about) regarding cryptocurrency is that transparence and clear guidelines are appropriate and needed for the long term viability of cryptocurrency as a whole.
After reading about this new oversight program, it appears it is all about guidelines to provide safety when using or interacting with cryptocurrency. It also seems to be about keeping separate fiat currency and cryptocurrency.
In the long run, clear policy will be helpful. However, I am not so sure the two won't become intertwined in the long run. The idea of cryptocurrency seems to be top empower individuals and to decentralize finance. I am looking forward to seeing where things go from here.
