Banks are required to obtain permission to conduct transactions with stable coins: Fed

The Fed is the federal reserve system operating in the States. She decided to strengthen supervision of state-owned banks, which she controls and which participate in transactions with digital assets and stable coins.

What the statement says

Representatives of the Fed made a statement that before issuing, storing or conducting transactions with stable coins backed by the dollar, financial organizations must obtain written permission directly from the regulator.

In addition, banks should have experience in controlling risks within the framework of cybersecurity and liquidity. They are also obliged to comply with user requirements and fight against illegal financing.

In addition, the agency will begin regulating the distribution of banking infrastructure to cryptocurrency companies. Oversight groups will be created for this purpose. They, within their authority, will check financial institutions for compliance and compliance with US legislation.

The purpose of such decisions was the bank's initiative to ensure the safety and reliability of the banking industry. Note that in June, the head of the department said that stable coins are money, and therefore they need to be regulated.

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