Breaking News!! The OCC Allows Banks to use Cryptocurrencies like Swift
The cryptoverse is buzzing over the OCC news because they basically just told US banks that they can treat permissionless, open-source blockchains like Bitcoin and Ethereum the same way they treat SWIFT, ACH, and FedWire.
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So this obviously sounds super bullish, but let’s break down exactly what that means and why this is actually a big deal.
So right now when you want to transfer anything from your bank… it typically takes about 3 days. Which isn’t great. In the announcement - the OCC actually said they are looking at this because customers are demanding - faster speeds, efficiency, and lower costs.
Let’s say that I tell my bank that I want to make a transfer to you and I bank with Chase and you are with Wells Fargo. Chase would use a backend ledger system called swift to put in a request with wells Fargo to see if we can do the transaction. Once it’s been validated and confirmed on both sides - the transaction can be settled.
Right now… this old, slow system is basically their only option - but with the OCC giving them permission to explore options with different cryptocurrencies such as bitcoin, ethereum, EOS, USTD etc… those transactions could go from taking 3 days… to being basically instantaneous. Or at least a lot faster than 3 days.
So these are just my initial thoughts on all of this as it comes out - but i’m sure we’ll get a lot more information on what kind of impact this will have as the story continues to unfold.
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