The American Bankers Association today released a report on cryptocurrency for bankers that discusses its origins, uses, technological underpinnings and the industry surrounding it. The report also includes information on existing and emerging regulatory issues around cryptocurrency, what to expect in the next year as well as some considerations for banks as they approach the crypto sector.
“Cryptocurrency markets are rapidly evolving, and there is currently a diverse and complex ecosystem of companies offering access to digital asset products,” the report notes. “The digital and programmable nature of these products means they can be used to facilitate many kinds of financial activities that increasingly mirror the products and services offered by traditional financial institutions.”
