Bank of America regulators open national license


nnIn the event that a new generation of banks was likely to carry out Bitcoin and other encrypted money business, the US Treasury Acting Monetary Authority was publicly expressed in an event organized by the Federal Reserve Bank of Philadelphia on Thursday. He expects the company to be awarded a “Financial Technology License” in the future, thus simplifying the way in which entrepreneurs start their businesses across the state. But nevertheless, Noreika is still cautious about whether these companies will eventually be approved.n
nTranslation: Clovern
US Treasury Department of monetary supervision of the person in charge that he was a new generation of banks are likely to carry out Bitcoin and other encryption money business expressed optimism.n
Keith Noreika, the new head of the agency responsible for overseeing all state banking, said in a campaign hosted by the Philadelphia Federal Reserve on Thursday that he expects the company to be issued a “Financial Technology License” Licenses are designed to simplify the way businesses start business across states.n
At present, Bitcoin and traditional fund transfer agencies need to meet the complex network of all 50 state regulatory systems in the United States, industry advocates believe that this increases the market access costs of start-ups, thus greatly limiting the development of such enterprises Then
But Noreika is cautious about the opportunities for approval of these companies, even though they are open to franchise licenses.n
He said to the participants:n
n”I do not object to the fact that these companies come to [the Monetary Authority] to understand the importance of the franchise license to them, but this is a long process, and these companies have to go through this process, and even if you have the opportunity to obtain a license, Does not mean you will be approved. “n
nNoreika is a long-time lawyer in the banking business, in May this year by Donald Trump (Donald Trump) President appointed as the agent of monetary supervision. During the transition, he inherited the financial technology license scheme proposed by his predecessor, Thomas J. Curry, and Thomas J. Curry disclosed last year that he wanted to create a federal government license to replace the different currency transfer agencies in the states.n
The US Monetary Authority was founded in 1863 to help create a national currency that replaces state-level currencies that are gaining a foothold.n
Noreika noted the Fed’s current responsibility for overseeing the US currency, and he was very enthusiastic about expressing willingness to listen to innovative ideas and was willing to help create an environment that could promote innovation and flourish.n
He said:n
n”I think that as a government official, my position is not to reject anything, or any idea, that any American who wants to seek help from the government and make a petition to benefit.”n
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Prudent optimismn
In general, Noreika made this comment after several hours of discussion by a panel, but the group discussion did not mention any encrypted currency or block chain technology. But at the time of his presentation, he presented the results of the three research papers on the subject, after which everything could change immediately.n
Evangelos Benos, an economist at the Bank of England’s Bank of England, shared his views on Norwich’s cautious optimism, and he also explored his last month’s report entitled “Securities Settlement of Classified Bibliography Technology Learn “the article.n
In his speech, Benos elaborated on the benefits that he thought the securities clearing platform could use distributed censorship techniques. All in all, he said that although the initial cost of energizing this concept could be high, the potential scale of the platform that had been created could be enormous.n
He said: “Their cost function may be very small, or may be zero.” And added:n
n”This means that their average costs will be reduced, and I think it is important because it implies that this form of securities settlement network may not be economically limited.”n
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“Hot potato”n
But not everyone is so optimistic. A representative inside the Fed is particularly bearish.n
Earlier as “The Law of One Bitcoin Price”, published earlier this year, Asani Sarkar, vice president of research and statistics at the Federal Reserve Bank of New York, introduced what he said as a success to show the limitations of encrypted currency.n
Specifically, he argues that while the transactions between encrypted currencies are simple and quick, the conversion of this type of asset into French or the currency of the type of asset would drag the economy and create risks. Thus, Sarkar said that some banks that have business dealings with encrypted money companies have stopped doing this.n
In his view, in order to maintain contact with the traditional economy, encryption money companies must accept the need to transfer between one another bank:n
n”The bitter currency exchange is done to keep this hot potato.”n

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