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:
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:
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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