cryptocurrency trends

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Payments and Banking

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US banking regulators plan to publish crypto guidance throughout 2022

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Federal bank regulators in the United States issued a statement Tuesday summarizing the results of their inter-agency sprint towards clearer crypto regulations. The regulators, comprised of the Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corporation, have identified “a number of areas” they feel need to be publicly clarified, according to their joint statement. The stated plan is to issue additional communications on this front throughout 2022.  Today’s statement does not seek to …

IMF warns El Salvador of bitcoin-related risks in new statement

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El Salvador should not use bitcoin as legal tender due to the financial and consumer risks it poses, International Monetary Fund (IMF) staff wrote in a concluding statement related to a mission in the Central American country.  “Given Bitcoin’s high price volatility, its use as a legal tender entails significant risks to consumer protection, financial integrity, and financial stability,” the November 22 IMF communication states. “Its use also gives rise to fiscal contingent liabilities. Because of those risks, bitcoin should …