US federal regulators for the banking system, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency, recently published a joint statement on cryptocurrency. The statement can be found
here.
It is brief, clearly written, to the point, and easy to understand. Everyone should read it. They believe that cryptocurrency merits no place in our current banking system. It is far too risky, open to too much fraud and scams, is too unstable, and the threat of contagion to other financial markets too high. From their statement:
Quote:
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Based on the agencies’ current understanding and experience to date, the agencies believe that issuing or holding as principal crypto-assets that are issued, stored, or transferred on an open, public, and/or decentralized network, or similar system is highly likely to be inconsistent with safe and sound banking practices.
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Based on this, ER Forum believes it is in the best interest our our community to discourage discussions about cryptocurrency. If the regulatory view changes forum rules will be revisited. Until that time, please refrain from posting about crypto, stablecoins, central bank digital currencies, tokens, etc.
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