US Federal Reserve Vice President Michelle Bowman demands permission for central bank employees to keep small amounts of crypto

US Federal Reserve Vice President Michelle Bowman demands permission for central bank employees to keep small amounts of crypto

US Fed Vice Chairman for supervision is in favor of owning crypto of central bank employees

Michelle Bowman, the Vice President of the US Federal Reserve (Federal Reserve) for supervision, has spoken in favor of allowing the central bank's employees to keep "de Minimus" amounts of cryptocurrencies. This statement could give significant impulses for the discussion about the handling of financial institutions with digital currencies and the associated regulatory framework.

Bowman's proposal comes at a time when interest in cryptocurrencies increases worldwide and many institutions deal with the question of how they should deal with this new kind of assets. The term "de minimus" refers to amounts that are considered so low that they usually have no significant effects on the financial situation of the person concerned or institution.

First of all, permission to keep small amounts of cryptocurrencies could promote the acceptance of digital currencies within the traditional financial system and, secondly, help employees of the central bank develop a better understanding of the functioning and risks of cryptocurrencies.

Overall, this position by Michelle Bowman could play a pioneering role for other central banks and pave the way for a more open dialogue about digital currencies in the public sector. However, the proposals are in the context of ongoing considerations to the potential risks associated with volatility and legal questions of cryptocurrencies.

It remains to be seen how the financial supervisory authorities will react to this advance and what effects this could have on the future regulation of cryptocurrencies in the entire financial system.