US open as gates to new generation Banks: Bitcoin and Cryptomoedas

US banking regulator said the door is open to the idea that a new generation of banks may one day conduct business with Bitcoin and other crypto-coins.

Speaking at an event hosted by the Federal Reserve Bank of Philadelphia on Thursday, Keith Noreika, a newly appointed director charged with overseeing all national banks, has publicly stated that he envisages a future in which the companies involved with Bitcoin may be granted "Fintech charters" - licenses to simplify the way companies start business across state borders.

Currently, Bitcoin companies and banks need to address a complicated network of regulatory regimes across all 50 US states, a hardship point that advocates argued for severely limits initial growth by increasing the cost of entry into Marketplace.

He told the participants:

"I would not be against those people who come in and talk to the staff of the Office of the Comptroller of the Currency about how a charter might make sense to them. But that's a long process they would have to go through, and just because you walk in the door does not mean you're going to get out the door on the other side. "

A longtime lawyer with a history of banking work, Noreika was appointed by President Donald Trump in May of this year. In the transition, he inherited the fintech proposal from his predecessor, Thomas J. Curry, who last year unveiled plans to create a single federal option to act as a kind of substitute for state-to-state licenses.

The Office of the Controller of the Currency was created in 1863 to help control the state currencies that were then rooting and to create a national currency instead.

Aware of the Federal Reserve's current duties to oversee the US currency, Noreika spoke passionately about her willingness to listen to innovative ideas and help create an environment in which to grow.

He said:

"I do not think it's my position as a government official never saying" no "to anything, or any idea, of any American who wants to come in and ask the government for a benefit."

Cautious optimism

In general, Noreika's comments came after hours of discussion in which the panels had no mention of crypto-coins or Blockchain technology. But that would change immediately after the conversation, when the results of three research papers on the subject were presented.

Sharing Noreika's cautious optimism, Evangelos Benos, a senior economist at the central bank of the United Kingdom, who discussed his article last month titled "The Economics of Distributed G / L Technology for Securities Settlement."

"Their cost functions are probably very small, or potentially zero," he said, adding:

"Which means your average costs will be declining. What I think is an important point because it suggests that potentially there are no economic limits to the size of this security settlement network. "