The United States Office of the Comptroller of the Currency (OCC) that oversees national commercial banks, is planning to organize a symposium in February 2024.
The upcoming symposium aims to spark a public conversation about the exciting possibilities of converting real-world financial assets and debts into digital token focus on setting the stage for “responsible innovation.”
In a statement, Acting Comptroller Michael Hsu points out the growing gap between cryptocurrency and the process of converting tangible financial assets and debts into digital tokens.
He added, “Crypto remains driven by the promise of speculative gains, continues to be marked by rampant scams, fraud, and hacks, and struggles to comply with anti-money laundering rules. By contrast, tokenization is driven by solving real-world settlement problems and can easily be developed in a safe and sound manner and fully compliant with anti-money laundering rules.”
The symposium will have a session by Hyun Song Shin, who serves as an economic adviser and heads the research department at the Bank for International Settlements and will make registration forms available on their website in 2023 at a later date.
There will be panel discussions covering topics such as the legal foundations for digital tokens, tokenization use cases, risk management, and research related to the economics of tokenization.
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