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18.01.2021

National banks can use blockchains and stablecoins.

An explanatory letter from the Office of the Comptroller of the Currency (OCC) states that national banks and federal savings associations can use public blockchains and stablecoins for settlements. It is reported that these institutions can currently launch cryptocurrency nodes and use stablecoins for “controlled payment transactions.” This means that banks can use public blockchains to validate, store, record and settle payment transactions as long as they comply with existing laws.

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