Interesting Data $BTC

Now large banks can't stop talking about cryptocurrencies.

In investor calls, public presentations, and meetings with regulators in Washington, financial executives are tripping over each other to reveal new plans, including the development of new cryptocurrencies under the umbrella of banks and loans linked to digital assets.

Wall Street has changed its mind about cryptocurrencies. Is this a good thing?

The change in direction has increased fears that the cryptocurrency craze could jeopardize personal bank accounts in ways that Wall Street and Washington are just beginning to understand.

The concerns, described by nine Wall Street executives informed about their organizations' cryptocurrency initiatives but not authorized to speak publicly on behalf of their employers, focus on the creation of a new interbank system of checking accounts and payments based on cryptocurrency and blockchain technology. Such a system would have limited consumer protections and nascent regulatory oversight.

The system, which is being outlined by top executives and lawyers from major banks like JPMorgan, Bank of America, and Citi, involves a complicated corner of the cryptocurrency ecosystem called stablecoin.