As you know, the attitude of some countries towards cryptocurrencies is diametrically different from that of other countries. As an example, we can recall countries such as China or Afghanistan, which have completely banned the trading of cryptocurrencies, and on the other hand, we have the United States of America, which, on the contrary, is known for its very friendly attitude towards cryptocurrencies. We also recently learned that the US Federal Reserve has announced its final decision on who will have access to its “main accounts”, allowing crypto companies to enter the central banking system. Fed Vice Chairman Lael Brainard also commented on the situation, saying that:
“The new guidelines provide a consistent and transparent process to evaluate requests for Federal Reserve accounts and access to payment services in order to support a safe, inclusive, and innovative payment system.”
The published guidance consists of multiple levels with varying levels of stringency to make it easier for individuals and companies to deal with depending on what they would need. Tier #1 should apparently be federally insured, tier #2 is not. Level 3 will not be federally insured or subject to any federal banking agencies. Among such companies, which can be one step closer to this type of account, is Kraken, for example.