Federal Reserve in a statement Told That cryptocurrencies can provide opportunities for banks to increase business. However, it needs to be ensured that such a system is in place for these services so that the interests of consumers are not harmed by this high-risk asset. Banks already providing crypto services have also been asked to inform the Federal Reserve. According to the Reuters report, under these guidelines, banks will have to put in place an adequate risk management system before starting these services. Recently, several Democrat senators called on the Office of the Controller of the Currency (OCC) to make stricter regulations regarding cryptocurrencies.
Slowdown in the crypto market for the last few months and some other reasons selling is happening. Due to this the prices of cryptocurrencies have come down and investors have suffered huge losses. Due to the slowdown in the crypto market, many firms in this segment are cutting their workforce to reduce costs. Coinbase, one of the major crypto exchanges, has decided to reduce its workforce by 18 percent. Headquartered in the US, the firm says that it has taken this step to cut costs in this difficult period of the industry. The decision is expected to result in layoffs of over 1,000 employees of the exchange.
Earlier crypto trading and lending platform BlockFi announced the removal of around 200 employees and crypto exchange Crypto.com about 260 employees. Both these firms have given similar reasons for reducing the workforce. Bitcoin, the largest cryptocurrency by market capitalization, touched a high of $69,000 in November last year. Its price has come down to around $24,000 after a continuous fall.
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