Leading US currency expert Brian Brooks says that it is entirely possible for an investor to store their bitcoins and cryptocurrencies in the bank.
At the recent LA Blockchain Summit, Brooks said:
“40 or 50 million Americans currently own cryptocurrency. Hence the national banking system will have to act as a safe haven for investors to store and trade, which must include any financial assets that everyone has. hold at any moment and cryptocurrency is one of them ”
In July, the Office of Monetary Control (OCC) released a letter saying “banks can hold cryptocurrencies on behalf of their customers. Banks must meet customers' needs for financial services, including cryptocurrencies ”.
Since then, a number of banks have expressed interest in the idea, claiming that "banks can also store customers' bitcoins and cryptocurrencies".
Brooks said the meaning of the letter above is to shed light on people's need for cryptocurrencies, and admits that cryptocurrency is an asset a lot of people are looking to hold.
"Let's see how the demand for cryptocurrencies is growing ... Banks have to have a role or policy to support customers."
He also added that he is neither an advocate nor a crypto hater, he is neutral. But as a regulator, he argues that there must be a legal framework to regulate the cryptocurrency without choking it.
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