The US Treasury Department's Office of The Comptroller of the Currency has announced that banks will now be able to use crypto stablecoins for payments and can also join blockchains as nodes.
To say this is a pivotal moment in crypto history is an understatement. Now, stablecoins will now be able to be held by banking clients in accounts, and blockchains will now be on par with banking payment networks such as SWIFT and ACH. This may even mean people could soon be paid in stablecoins, which are cryptocurrencies pegged to national currencies.
The acting comptroller Brian Brooks said in a statement, "Our letter removes any legal uncertainty about the authority of banks to connect to blockchains as validator nodes and thereby transact stablecoin payments on behalf of customers who are increasingly demanding the speed, efficiency, interoperability, and low cost associated with these products."
Brian Brooks was also in the news recently for a very altruistic proposal he made about how financial education could be encouraged and incentivized by paying citizens a "country coin" to continue their learning, passing online tests, and completing courses. The coins would be placed in something similar to a trust fund, which would entitle them to future payouts that are based on the rising tax revenue of a nation's increasing GDP.
This is an amazing idea as it encourages nations to compete by developing the most tech and finance savvy citizens they can, while these citizens would gain growing wealth from the countries they inhabit.
Ironically, Comptroller Brooks was appointed by former President Donald Trump after he left a stint as the Chief Legal Officer at crypto exchange Coinbase. It's ironic because Trump has expressed a more negative view towards cryptocurrencies, yet he hired Brooks, who was criticized by Democrats for being too focused on the cryptocurrency space.
Overall, a major move has been made as more and more financial institutions focus their attention on Bitcoin, and soon Ethereum. To learn more about stablecoins, check out my latest book The Bitcoin Kit. In this easy-to-read guide, I take you step-by-step in the process of learning how Bitcoin works, how to buy it, sell it, and trade it. I also break down how much Bitcoin you need to join the 1% and how anyone can do it!