Governments in the U. The new e-money would be issued by central banks and used in conjunction with paper cash, unlike crypto. A Fedcoin or equivalent has the potential to sidestep the middleman between commercial banks or credit card networks.
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Because settlement would be in near-real-time, chances for fraud would be reduced. Yellen said at a recent conference that a digital currency launched by the Fed and tied to the blockchain could result in payments that are faster, safer and less expensive. Treasury veteran Ed Wilson , a partner at financial regulations firm Venable, told PYMNTS' Karen Webster that he thinks advanced tech is necessary to control fraud as cryptocurrencies move further into the financial services ecosystem.
The report aims to offer banks a roadmap to help them gain the technical capacity to support digital payments in all their forms. If you want to see how physical retail might look 20 years from now, you might Our Story Careers Contact Us. Our Commitment We're dedicated to serving our customers better along every step of their journey including our new landmark headquarters in Downtown Tulsa.
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Banks Wary As Fed Speeds Up Digital Currency Initiative
To learn more or get started:. All rights reserved. But bitcoin is not going away , and blockchain technology and crypto are slowly but steadily becoming more embedded in the financial services industry. Community Banking. Credit unions. Log In. How crypto and blockchain made inroads into financial services in By Bonnie McGeer.
Cryptocurrency Banking | Personal And Business Banking In Oklahoma
December 29, PM. Close extra sharing options. A blockchain breakthrough at Credit Suisse. Will other banks follow? Mike Cagney launches blockchain for loan trading. Will banks go for it? OCC allows banks to hold cryptocurrency assets for safekeeping. Banks are permitted to hold crypto assets.
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Will they? What Mastercard's crypto plans signal for the future of digital payments. Visa's digital dollar concept opens a door to central bank currencies.