Latest Breaking News On - Fintech occ issues significant ruling permitting national banks to use invn and stablecoin technology - Page 1 : comparemela.com
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The Situation: On January 4, 2021, the Office
of the Comptroller of the Currency ( OCC ) issued an Interpretive Letter permitting national banks
and federal savings associations ( Banks ) to participate
in independent node verification networks ( INVN ) and to
use stablecoin, a type of cryptocurrency designed to have stable
value, to conduct payment and other activities permitted for
banks.
The Result: The OCC Interpretive Letter relies
upon longstanding regulatory and case law precedent holding that
the business of banking should evolve and adapt to technological
changes as they occur. The OCC concludes that validating, sorting,