On the 22nd July 2020 an announcement was made that the Office of the Comptroller of the Currency (OCC) was now granting permission to federally chartered banks to custody cryptocurrency.
The OCC announced with the below statement;
“The OCC recognizes that, as the financial markets become increasingly technological, there will likely be increasing need for banks and other service providers to leverage new technology and innovative ways to provide traditional services on behalf of customers.”
This new development “applies to national banks and federal savings associations of all sizes.”
By opening up federally chartered banks to crypto custodies this will modernize the banking system and the people use the banking system.
Acting Comptroller of the Currency, Brian Brooks, commented;
“From safe-deposit boxes to virtual volts, we must ensure banks can meet the financial services needs of their customers today.”
This new development in the United States comes after 40 German banks are on the movement, offering Bitcoin custody to their client base.