Views from Washington, D.C.
Pay Attention to Cryptocurrencies
Congressman Blaine Luetkemeyer
As bankers, you know that technology has the power to change both your business and business model. Te banking industry is no stranger to change. From checks to credit cards, Dodd-Frank and even the Paycheck Protection Program, the banking industry is constantly evolving. But now more than ever, there seem to be significant changes happening within the industry. Technology has created significant opportunities, and plenty of pitfalls, for financial institutions that could affect nearly every aspect of your business. However, no evolving technology carries as much opportunity
or as many unknowns as cryptocurrencies.
Although there are many questions surrounding cryptocurrencies, one thing is for sure: they are an ever- growing part of our financial system. In January of this year, the market value of all cryptocurrencies surpassed $1 trillion for the first time, and there were more than 4,000 cryptocurrencies in existence. In addition, the first federally chartered digital asset bank was approved by the Office of the Comptroller of the Currency in February of this year. In Congress, we have been examining both the short- term and long-term impacts
Many questions surround cryptocurrencies, and one thing is for sure: they are an ever-growing part of our financial system.
12
mobankers.com
that cryptocurrencies could have on our financial system. On June 15, the Fintech Taskforce in the House Financial Services Committee held a hearing on Central Bank Digital Currencies. In this hearing, we heard from policy experts, industry stakeholders and legal scholars on the implications of a U.S. digital dollar and what it would mean for American financial institutions and the U.S. economy broadly.
Blockchain technologies and cryptocurrencies have tremendous potential. With nearly 4 billion people around the world having access to a smart phone, these technologies can revolutionize access to financial services. One area cryptocurrency and blockchain are currently seeing early adoption and success is with cross-border
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32
