Federal Reserve Outlines What Community Bankers Should Know about Virtual Currencies

Posted on Posted in Bitcoin, Blockchain, Financial Services, Regulation, Virtual Currencies

Wallace Young, director of The Federal Reserve Bank of San Francisco, published an advisory outlining the potential challenges for community banks when working with bitcoin firms and consumers. Providing banking services to these entities presents some unique risks and challenges Due to continued growth of bitcoin and other virtual currencies, Director Young emphasizes that “opportunities […]

The Conference of State Bank Supervisors Finalizes Its Model Framework for Virtual Currencies

Posted on Posted in Blockchain, Regulation, Virtual Currencies

On September 15, 2015, the Conference of State Bank Supervisors (the “CSBC”) issued its final Model Regulatory Framework on virtual currency activities. The CSBC notes that the framework is “to assist those states seeking to develop and implement state regulatory regimes for virtual currency activities.” Virtual Currency Definition The framework defines Virtual Currency as “a […]