29 Sep '17, 11am

US Currency Boss Opens Door to Licensed Bitcoin Banks

The acting comptroller of the currency for the U.S. Treasury Department has said he is open to the idea that banks might one day conduct business in bitcoin and other cryptocurrencies. Speaking at an event hosted by the U.S. Federal Reserve yesterday, Keith Noreika, the newly named director of the agency tasked with supervising all national banks, went so far as to state publicly that he foresees a future in which such companies might be granted "fintech charters " – proposed licenses designed to simplify the way banks do businesses across state borders. Currently, both bitcoin companies and more traditional money transmitters need to comply with a complicated network of regulatory regimes in all 50 U.S. states, a pain point that industry advocates have argued severely limits startup growth by increasing the cost of market entrance. But despite being open to the new licens...

Full article: https://www.coindesk.com/us-currency-boss-opens-door-lice...

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