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In 2009 the term Bitcoin began to enter conversations around the world. What is it? How does it work? Is it safe? Those were a few of the questions raised in 2009; those questions, and many more, still linger today. Investors could purchase a single Bitcoin for $0.08 then, the same coin has been worth as much as $60,000.00 since then. In 2009 there was Bitcoin, today there are hundreds of different cryptocurrencies available.
It is estimated that 17% of the U.S. population now holds some amount of a cryptocurrency. There are individuals that have accumulated millions of dollars of worth from investing in cryptocurrency and would like to move it into the traditional financial system as deposits or as payments on loans.
What services related to Cryptocurrency do customers want? What actions are financial institutions allowed to take with regard to cryptocurrency? What restrictions related to cryptocurrency do federal regulators place on financial institutions? To understand each of these issues it is necessary to understand the basics of cryptocurrency and how it works.
Most banks do not accept cryptocurrencies at the present time, but that is slowly changing. Your customers are discussing cryptocurrencies. It is time for you to enter the conversation. Does your bank want to offer crypto services or just be able to answer customer questions about crypto?
While most of the regulatory agencies have been slow to produce regulatory guidance for cryptocurrencies, the Office of the Comptroller of the Currency has produced three pieces of crypto guidance since July 2020 and the FDIC recently issued a request for information regarding cryptocurrency.
This two-hour webinar recording explains the basics of cryptocurrency, the advantages and disadvantages of the product, and what activities the federal regulators presently allow for financial institutions.
You’ll receive a detailed manual that serves as a handbook long after the recording is viewed.
Upon completion of this recording you’ll understand:
- What is cryptocurrency?
- What are the most popular cryptocurrencies?
- What are the advantages of cryptocurrencies?
- What are the risks related to cryptocurrencies?
- What are consumers doing with cryptocurrencies?
- What do consumer want to do with cryptocurrencies?
- To what extent are financial institutions allowed to participate in cryptocurrencies?
- What are the regulatory restrictions on use of crypto in financial transactions?
- What banking functions involve cryptocurrencies?
- What are stable coins?
The recording is designed for senior management, members of the board of directors, operations officers, risk managers, compliance officers, and auditors. Whether considering offering crypto services or whether gathering information about a developing product, this program provides the background information you need.