Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: Malam90 on February 15, 2021, 05:04:10 AM
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Banks face a stablecoin conundrum: Build their own projects, with all the overhead that implies, or work with well-placed existing providers.
Arguably, Brian Brooks has done more than anyone to spur the epic bull run of the last few months. The former head of the Office of the Comptroller of the Currency (he served from May 2020 to mid-January 2021) paved the way for U.S. banks to adopt cryptocurrency, including allowing federally regulated banks to custody digital assets and even act as stablecoin nodes.
Some saw these actions as pivotal for banks to embrace the shift to a decentralized, open-source economy. Brooks envisioned a future with “self-driving banks” in a Financial Times op-ed. However, there are good reasons to think banks will proceed with caution on adopting cryptocurrencies, and stablecoins in particular.
Rafael Cosman is the CEO and co-founder of TrustToken, makers of the digital dollar TUSD and four other global fiat-backed stablecoins.
Firstly, the OCC memo contains several explicit provisions that put significant responsibilities on banks and stablecoin issuers. These include know-your-customer (KYC) requirements and the need for “appropriate systems, controls, and practices in place to manage […] risks, including to safeguard reserve assets,” among others. Source (https://www.coindesk.com/banks-stablecoins-cautiously-guidance)
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I believe that there is no need to worry about the banking system, because each client, before starting to work with a banking institution, provides all his personal data. Therefore, in any case, all requirements will be met. But if you store your usdt on the blockchain, for example, on the Ethereum or Tron platform, then no KYC is needed. :D