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Cryptocurrencies may pose risks to credit unions

The US Federal Agency, which oversees the activities of the country's credit union, included a note on the possible risks and benefits of cryptocurrencies in the recently released strategic plan.

29.Sep.17 4:10 PM
By Daria Zaytseva


Cryptocurrencies may pose risks to credit unions

Published yesterday, 2018-2022 Draft Strategy Plan, mainly focuses on the economic trends that will be determined by US credit unions, as well as the political consequences that may arise as a result. The growing use of fintech means that "credit unions can face a number of problems" from companies that promote products and services in this area.

According to the text, the potential for wider use of cryptocurrencies is mentioned as one of the technological factors that can influence changes in the way that credit unions do business.

Although the project does not mention it, a number of credit unions in the US have already gone on to explore how they can apply the technology that underlies cryptocurrencies, such as bitcoin, for their own operations.

Last year, a group of institutes presented the CU Ledger project, aimed at creating new services built on top of the technology. And only last month the consortium of more than 50 credit unions showed their plan to establish a credit union service organization, or CUSO, and since then have been looking for investors for this enterprise.

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