Digital asset infrastructure in USA takes a significant step forward

Jonny Fry
2 min readJul 24, 2020
Source: OCC

2 min video about how the US treasury are embracing crypto currencies and telling American banks that they ought to be offering custody services for cryptos —

The Office of the Comptroller of the Currency (OCC), regulates, and supervises US banks and federal savings associations as well as federal branches and agencies of foreign banks. It was established in 1863 OCC is an independent division of the U.S. Treasury.
Banks can now offer custody services to crypto currencies.
“From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today,” said Acting Comptroller of the Currency Brian P. Brooks. “This opinion clarifies that banks can continue satisfying their customers’ needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency.”
This is vital for institutional asset managers who need a third party to provide custodial services.
Will this now mean that banks in the USA and possibly in Europe will now be more receptive to organisations deal in Cryptos and require a bank account as to date this has been a major challenge for companies?
Does this mean that the USA is to announce a CBDC soon?

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Jonny Fry

#DigitalAssets#Tokens #ChairmanGemini #Fintech #Blockchain #Assetmanager #Speaker #DigitalBytes #Economics @Teamblockchain Twitter:@jonnyfry175