Launch Of Crypto Banks Is Imminent, Comptroller Of The Currency Brian Brooks Says
The mass adoption of the digital assets and their underlying tech has been one of the main goals that the crypto space has.
There have been a lot of moves made in this direction, and they continue. One of the most important recent moves that took place is the one made by PayPal.
Last month, the crypto space exploded when PayPal announced via a press release that they are launching a new service that’s enabling users to buy, hold and sell crypto.
A few days ago, the press release was updated: “We are pleased to announce that all eligible PayPal account holders in the U.S. can now buy, hold and sell cryptocurrency directly with PayPal. Download the PayPal app or log in to your account to learn more.”
This triggered massive hype in the crypto space as expected.
Crypto banks are imminent
It’s been just revealed that the Comptroller of the Currency Brian Brooks said that the launch of crypto banks is just around the corner.
In an interview with Forbes, the head of the Office of the Comptroller of the Currency (OCC) said that there are some crypto companies that aim to offer crypto banking services.
According to the reports coming from the online publication the Daily Hodl, Brooks has been friendly toward the crypto space, and he rules that banks could custody Bitcoin and more crypto.
He said during a new interview that there’s a stringent need to balance banks’ ability to service their clients’ Bitcoin and crypto needs.
“The point is, it is important both for entrepreneurs who are trying to grow their companies and for customers who don’t want to be deprived of access of something to get across a state line that we have a single national platform, and that’s what federal banking regulation is all about and by extension, if we have crypto banks, which I think we will very shortly, I think it is in their interest they will have to comply with one set of rules nationwide, that’s the way markets grow.”
You should check out the complete interview with Forbes.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.