The US OCC Allows Banks to Hold Cryptocurrency to Pay Network Fees

BlockBeats News, November 19th, according to The Block, the U.S. Office of the Comptroller of the Currency (OCC) on Tuesday issued Interpretive Letter 1186, confirming that banks can hold specific cryptocurrencies to pay for blockchain network fees. The OCC specifically mentioned the Ethereum network, pointing out that Ethereum transactions require ETH to pay gas fees, and banks can hold the necessary cryptocurrency on their balance sheets to pay for these fees.

The guidance stated, "We conclude that the activities described are a permissible form of bank-permissible banking." It explained that not doing so could result in "costs and significant risks related to operational complexity, asset price volatility, and transaction delays."