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US Federal Reserve Vice Chair Michelle Bowman calls for permission for central bank employees to hold small amounts of crypto
US Fed vice chair for supervision advocates for crypto ownership by central bank employees Michelle Bowman, the US Federal Reserve's vice chair for supervision, has spoken out in favor of allowing central bank employees to hold "de minimus" amounts of cryptocurrencies. This statement could provide significant impetus for the discussion about how financial institutions deal with digital currencies and the associated regulatory framework. Bowman's proposal comes at a time when interest in cryptocurrencies is increasing worldwide and many institutions are grappling with the question of how to handle this new type of asset. The term “de minimus” refers to amounts...
US Federal Reserve Vice Chair Michelle Bowman calls for permission for central bank employees to hold small amounts of crypto
US Fed vice chair for supervision advocates crypto ownership by central bank employees
Michelle Bowman, the Federal Reserve's vice chair for supervision, has advocated allowing central bank employees to hold "de minimus" amounts of cryptocurrencies. This statement could provide significant impetus for the discussion about how financial institutions deal with digital currencies and the associated regulatory framework.
Bowman's proposal comes at a time when interest in cryptocurrencies is increasing worldwide and many institutions are grappling with the question of how to handle this new type of asset. The term “de minimus” refers to amounts that are considered so small that they generally do not have a significant impact on the financial position of the person or institution in question.
Allowing central bank employees to hold small amounts of cryptocurrencies could firstly promote the acceptance of digital currencies within the traditional financial system and secondly help central bank employees develop a better understanding of the functionality and risks of cryptocurrencies.
Overall, this position from Michelle Bowman could set a precedent for other central banks and pave the way for a more open dialogue about digital currencies in the public sector. However, the proposals come in the context of ongoing consideration of the potential risks associated with the volatility and legal issues of cryptocurrencies.
It remains to be seen how financial regulators will respond to this push and what impact this could have on the future regulation of cryptocurrencies across the financial system.