A survey conducted by the United States Federal Reserve Board suggests that most officials at major banks do not see cryptocurrency-related products and services as a priority in the near future.
According to the results of a Fed survey published on Friday, More than 56% of CFOs at 80 banks said that distributed ledger technology and cryptocurrency products and services were “not a priority” or “a low priority” for their growth and development strategy for the next two years, while about 27% said they were a medium or high priority. However, roughly 40% of respondents said technology was a medium or high priority for their banks in the next two to five years.
Responses from bank officials surveyed were similar on the effects of cryptocurrencies on liquidity management practices, with many respondents stating that the technology would likely not matter as much in the next two years as it would in the next two. to five years. Some of the officials said the banks were “actively monitoring the situation and will adapt to the landscape as necessary.”
The senior finance charges surveyed represented banks that held approximately 75% of the total reserve balances of the banking system in May 2022. Domestic banks accounted for 46 of the respondents, and foreign banking organizations accounted for 34.
As the central bank of the United States, the Federal Reserve will likely be the institution to launch a digital dollar if approved by lawmakers or regulators. The Securities and Exchange Commission and the Commodity Futures Trading Commission also oversee many of the regulations covering digital assets and financial institutions in the country.
On Wednesday, the Senate confirmed former Ripple adviser Michael Barr as the Fed’s next vice president of supervision, ensuring that by 2022 there will be seven members on the board of governors.
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