Summary
- The Federal Reserve has decided to discontinue the dedicated virtual asset program.
- The Fed stated that increased understanding of virtual assets was the reason for the decision.
- The relevant supervisory function will be transferred to the general bank supervision framework.
On the 15th (local time), economic news account Walter Bloomberg cited Reuters to report that the Federal Reserve System (Fed) has decided to discontinue its dedicated program overseeing banks’ virtual asset (cryptocurrency) and fintech activities.
The Federal Reserve explained that, as understanding of virtual assets has increased, the dedicated program is no longer deemed necessary and added that the relevant supervisory functions will be transferred to the general bank supervision framework.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
