fbpx
Connect with us

Cryptocurrency

Julio Domenech On How Banks Can Engage In Bitcoin in 2022

gold-colored Bitcoin

As cryptocurrency continues to become a popular trend in the US, many people are looking for an opportunity to participate in this modern medium of exchange. And despite its unpredictability and high risks, US banks are also interested in joining the bandwagon. 

Luckily, US agencies are planning to clarify the regulations so that banks can engage with Bitcoin and cryptocurrency by 2022. 

Three big agencies, namely the Board of Governors of the Federal Reserve (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of Currency (OCC) recognize the potential opportunities that Bitcoin could offer to banks, their customers, and the financial system. But they have concerns with the unpredictability of cryptocurrency. 

Jelena McWilliams, the chairman of FDIC, believes that banks should be allowed into this new, modern space that cryptocurrency brings but, they have to make the experience better for all stakeholders by managing and mitigating the risks. 

To make the cryptocurrency experience more appealing, the three agencies aim to provide clarity and promote customer protection while complying with applicable laws and regulations. 

The three regulators began by analyzing Bitcoin activities that banks might be interested in such as custody, cryptocurrency collateralized loans, payments, facilitation of customer purchases and sales, and reflecting Bitcoin on banks’ balance sheets. 

Another step that the three agencies recently took is conducting a series of interagency “policy sprints” that are focused on cryptocurrency assets. They applied an approach that’s similar to a tech sprint model, where agency staff with various backgrounds and expertise in relevant subject matters conducted a preliminary analysis on the various issues that are involved with cryptocurrency assets. 

Since May this year, the three agencies have begun working together for a “sprint” of cryptocurrency regulations. 

Just last month, the FDIC chairman suggested some of their development by saying a team of regulators is working on a more precise set of rules for banks who want to work with Bitcoin and cryptocurrency. 

However, the agencies haven’t yet provided the regulatory clarity that banks need. But for 2022, the FED, FDIC, and OCC plan to jointly share detailed guidance for banks looking to offer the cryptocurrency services that they analyzed. 

Bitcoin was originally launched in 2009, right on the heels of an economic recession. It was meant to be an electronic peer-to-peer cash system. Eventually, it attracted curious investors until it became the decentralized digital currency it is today, with new platforms following suit. 

Member of the Latino Wall Street team, Julio teaches trading and cryptocurrency investing. He started investing in cryptocurrency back in 2016 when he lost the money he invested in bank stocks. After telling a friend about this frustrating development, Julio was pointed towards Bitcoin. This piqued his interest, and eventually, Julio became deeply engrossed in using the power from the internet to make money. To date, Julio has made well over six figures in each of his investments.

To find out more about Julio and his programs  click here 

US Army Combat Veteran turned writer helps people reach new levels of success and influence with personal brand building. Luis also writes for Entrepreneur magazine and runs TEDx events and TED circles online. Mentored by Mark Cuban his eye for business and potential growth has been trained at a billionaire level.

Join Disrupt Magazine

Become A Disrupt Contributor

Most Disruptive

Meatsmith Team Snowboard Canada Meatsmith Team Snowboard Canada
Press Release23 hours ago

Beijing 2022: Grass-Fed Beef Protein Bar Meatsmith Partners With Team Snowboard Canada

Meatsmith – Official Partner Of Team Snowboard Canada For Beijing Olympics 2022 Toronto, Ontario – Meatsmith is proud to announce...

Disrupt Prime Video3 days ago

Top 3 NFT Projects under 1 ETH | NFT Disruptors Podcast

A non-fungible token (NFT) is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger. NFTs can...

NFT1 week ago

Polly Kole, The Beauty With Gifted Hands Tycoon Of NFT Sculptures

In a society full of stereotypes, people clinging to appearance and disregarding one’s achievements is the magnificent Polly Kole stunning...

News4 weeks ago

Spider Man; No Way Home’, Crushes Box Office Estimates Generating A Mammoth $253 Million In North America.

After only 3 days in the cinemas, the latest and last Spidey outing disrupted the international market as the highest-grossing...

Cryptocurrency1 month ago

Nike just bought a virtual shoe company that makes NFTs and sneakers ‘for the metaverse’

Nike, the sportswear mogul, recently stunned the globe as it moved into the realm of the metaverse industry and blockchain...

QR code screenshot QR code screenshot
Diversity in Tech2 months ago

BTC did 62% more in transactions than PayPal this year

MasterCard and Visa have always topped as the runaway leaders; however, Bitcoin’s Lightning Network will soon disrupt this norm. Starting...

high angle photo of person holding turned on smartphone with tall buildings background high angle photo of person holding turned on smartphone with tall buildings background
Social Media2 months ago

How to Organically Grow Your Social Media Following In 2022

Instagram On Instagram, use Reels to reach new audiences and grow – find popular sounds and use them in your...

gold-colored Bitcoin gold-colored Bitcoin
Cryptocurrency2 months ago

Julio Domenech On How Banks Can Engage In Bitcoin in 2022

As cryptocurrency continues to become a popular trend in the US, many people are looking for an opportunity to participate...

Diversity in Tech3 months ago

Microsoft Teams, Incorporating New 3D Avatars And Virtual Meeting Spaces Before Mid 2022

Microsoft Mesh has always led as the future of Microsoft Teams meetings. However, Meta, the newly launched Facebook company, is...

Health + Fitness3 months ago

Stephen Campolo – How A Former Fat Kid Transformed His Body And Is Now Helping Others Do The Same

UPDATE: During a recent interview with Yahoo! News, Stephen revealed that he will be speaking at the next Disrupt Puerto...

Trending

Copyright © 2020 Disrupt ™ Magazine - Disrupt is a Minority Owned Privately Held Company

Disrupt ™ is the voice of Latino entrepreneurs around the world. We are part of a global movement to increase diversity in the technology industry and we are focused on using entrepreneurship to grow new economies in underserved communities around the world. We enable millennials to become what they want to become in life by learning new skills and leveraging the power of the digital economy. We are living proof that all you need to succeed in this new economy is a landing page and a dream. Disrupt tells the stories of the world top entrepreneurs, developers, creators, and digital marketers and help empower them to teach others the skills they used to grow their careers, chase their passions and create financial freedom for themselves, their families, and their lives, all while living out their true purpose. We recognize the fact that most young people are opting to skip college in exchange for entrepreneurship and real-life experience. This Podcast was designed to give them a taste of that.