Investors in Cryptocurrency They recovered from the trauma of the past few weeks. The market has fallen so much that you can say for sure that we are in a bear market. However, the US government remains resilient. Banks now need to be more careful when investing in cryptocurrencies.
Banks are at risk
Michael Hsu, current head of the Office of the Comptroller of the Currency (OCC) confirmse in meeting and in Report Which Recent problems surrounding decentralized financedeFi) It boosted its image in the market. He wants banks to be more careful about how they invest in digital assets, Even more than before.
DrThe at clearly indicates that the government is bearing in mind that this has not yet been the bottom. The cryptocurrency market is the easiest target for OCC, because the rest of the market has not been easy either. In just six months, most major stock indexes are down at least 20%. Banks are affected immediately when stocks go down. If they also buy a lot of cryptocurrency, it could pose financial stability risks into even bigger problems.
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The research is very extensive and covers, among other things, the impact of climate change, the war in Ukraine and the pandemic on banks. However, cryptocurrencies are widely covered, and the word “crypto” is used sixteen times. However, the OCC is again very cautious in its use of the language. The ubiquitous “cryptocurrency” has been replaced by “crypto assets.” For example, the OCC does not confirm that it is a currency and is not something else.
The government is often a bit secretive about exactly what it thinks about the financial markets. For example, in recent years, we have often heard that ministers and other dignitaries within the government believe that cryptocurrency Forbidden should become.
On the one hand, it competes with the government’s paper currency, but at the same time Blockchain As well as open source codes for government Incredibly useful† Therefore, it is likely to be fully absorbed by the government into the “legacy” financial system.
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