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FDIC Chair Says US Is Exploring Policies For Banks to Hold Bitcoin -Breaking

by Mike Robinson

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© Reuters. FDIC Chair says the US is looking at policies to allow banks to keep Bitcoin
  • American banking officials are investigating ways that banks can hold crypto-based currency flagships.
  • Banks will now be able to include BTC in their balance sheets.
  • Bitcoin can be used as collateral by banks for loans.

Jelena McWilliams, Chairman of Federal Deposit Insurance Corporation (FDIC), has shared some positive news for all Bitcoin (BTC). McWilliams states that the US financial regulators have begun to create crypto-friendly policies, which will allow banks to include Bitcoin in their bank accounts.

The new set of cryptofriendly rules will allow any crypto-minded bank to directly interact with the country and engage in Bitcoin-related activity. The banks will be able to engage not just with Bitcoin, but also other cryptocurrencies.

This will allow US banks and other financial institutions to store Bitcoin for client trading. Banks will soon be able use Bitcoin as collateral to secure loans.

McWilliams stated,

We need banks to be allowed in the space while managing risk appropriately. If we don’t bring this activity inside the banks, it is going to develop outside of the banks…The federal regulators won’t be able to regulate it.

Customers will get a new experience if the company expands. Many expect that Bitcoin will continue to grow and become mainstream.

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