BANKING BLUEPRINT FOR THE CRYPTO WORLD

Abstract

In early January, National banks and federal savings associations can now perform payment operations using public blockchains and stable currencies, according to the OCC. This enables banks to execute payments significantly more quickly and without the use of a third-party intermediary. This letter basically categorises blockchain networks as SWIFT, ACH, and Fedwire, opening the path for their incorporation into the larger financial environment. Banks may be afraid of cryptocurrencies because they feel trading them raises risk and necessitates time-consuming and expensive due diligence. Digital currencies, on the other hand, may help financial organizations and their consumers in a variety of ways.