OCC chief calls on Financial Institutions to Adopt Digital Currency

Brian stated that one of the reasons why remittance activities have shifted beyond financial institutions is because customers now want services provided to them in several ways.

During Brian's tenure, the office has given banking clearance to a financial-technology firm. They have also given consent for financial institutions to start providing cryptocurrency services.

Regardless of the consent given to financial institutions to offer cryptocurrency services, Brian still feels financial systems are out of date and are no longer appropriate in today's world.

He also stated how the country's economic crisis exposed these facts by saying when the pandemic started, citizens of the country depended on financial institutions to process and transfer money and remittances. Yet, it took days, even weeks for a lot of people to get their payments.

Finding the cause of this problem, Brian said that the traditional banks were making use of obsolete banking systems to transfer and make remittances.

Source: Cointelegraph