U.S. Payment System Rejects Crypto Bank’s Application
The Federal Reserve has rejected the application of a Wyoming-based crypto bank to become a member of its payment system. This decision was made on Friday, and marks yet another example of the Fed’s reluctance to embrace digital currencies.
This rejection is particularly noteworthy as it comes from an institution that has traditionally been resistant to cryptocurrencies. The fact that this particular bank had applied for membership in the first place speaks volumes about how far these forms of money have come in recent years, and how much more mainstream they are becoming even among traditional financial institutions.
Despite this setback, many experts remain optimistic about cryptocurrency’s future prospects within the U.S., especially with regard to its potential use as a medium for payments and other transactions between individuals or businesses across different countries or regions around the world.
While there may be some regulatory hurdles still standing in their way, most agree that digital currencies could eventually find widespread acceptance if proper safeguards are put into place by governments and central banks alike – something which would no doubt benefit both consumers and businesses alike worldwide.Read more at MarketWatch