US banking regulators approve the use of blockchain to issue payments

One of the independent agencies of the United States Department of the Treasury, called the Office of the Comptroller of the Currency, has ruled through a statement about the use of stablecoins as a mechanism to issue payments in cryptocurrencies.

The measure directed exclusively to regulated banks of the Federal Government clarifies that as long as the law and banking practices are complied with, any “national bank or federal savings association can validate, store and record payment transactions serving as a node in an INVN (independent node verification network), also known as the independent node verification network or blockchain network ”.

The government entity also added that a bank “can use INVN and related stablecoins to carry out other permitted payment activities.”

Banks may issue stable coins

In the letter, it is also taken for granted that banks will be able to issue stablecoins due to charging debit cards and checks by exchanging them for fiat money. “Banks have long used cashier’s checks, traveler’s checks and other bearer instruments as a means of facilitating cashless payments,” as specified in the statement.

Jeremy Allaire, co-founder and CEO of Circle, assures that the measure leads the country’s economy to very important scenarios. “It is tremendous to see such progressive support from the largest national bank regulator in the United States,” Allaire said.

K.Villarroel

Source: diariobitcoin