In response to growing consumer demand for crypto-related services, more and more US banks are looking into the digital asset industry.
The data of the Federal Deposit Insurance Corporation (FDIC) was recently published by the US Office of the Inspector General (OIG). According to this report, as of January 2023, about 52 million Americans have invested in various cryptocurrencies, and so far 136 banks have planned or already participated in crypto-related initiatives.
Also from the post we can find out, that so far 16% of Americans, or 52 million people, have bought cryptocurrencies. Since 2021, about 46,000 of this group have lost more than $1 billion due to various scams.
The FDIC plays an important role in the American financial system, insuring nearly $10 trillion in deposits at more than 4,700 banks. It also oversees more than 3,200 banks and oversees the $125 billion American Deposit Insurance Fund (DIF). It protects bank depositors’ accounts and restores failed banks.
The OIG urged the organization to ensure that its policies and procedures consider the risks associated with digital assets, particularly with regard to deposit insurance.
Even though the organization has no direct role in regulating digital assets, there have been discussions in the past that it could regulate cryptocurrency custodians.
The FDIC is generally wary of cryptocurrencies because it believes they pose a risk to the broader financial system. Despite these concerns, however, many banks under the organization are investigating the crypto space in response to increased consumer demand.
Banks’ growing interest in cryptocurrencies comes at a time when the US is trying to establish a clear regulatory outlook for governing the sector. US President Joe Biden’s recently issued order is expected to make the future regulation of digital devices in the country clearer.
However, it is not yet clear what specific regulations will be introduced. The law is expected to push for a more proactive approach to managing cryptocurrency-related risks. It is also likely to affect both banks and other financial institutions operating in the area.
Published on the BitcoinBázis page.