The U.S. Office of the Comptroller of the Currency (OCC) released a new white paper: Investigating the role of distributed ledger technology in promoting financial technology innovation

The U.S. Office of the Comptroller of the Currency (OCC) recently released a white paper on financial technology innovation ( full text ), proposing an approach to regulating banking institutions’ experimentation with new technologies, such as blockchain.

The agency, which regulates the activities of U.S. banking institutions, promoted in its white paper a so-called “responsible innovation philosophy.”

Citing the 2008 financial panic, the OCC said the concept of responsible innovation means that the use of innovative technologies must be accompanied by sound risk management and that new technologies must be consistent with the bank's overall business strategy.

The white paper also cites blockchain technology in financial technology applications, as well as its application in peer-to-peer lending and mobile payment processes. The OCC believes that blockchain technology has great potential to change the way transactions are processed and settled.

OCC Comptroller Thomas J Curry said:

“The OCC is creating a framework for examining financial technology innovation and is establishing an internal office to oversee developments in the financial technology sector.”

Thomas J Curry

In the past, the OCC has proposed a “balanced” approach to regulating bitcoin and other digital currencies. In a 2014 speech, Curry called blockchain technology “a potentially revolutionary technology.”

The OCC said it now wants to push all banks to take a measured, risk-based approach to new financial technologies, and it further said it would seek cultural changes in banks' financial education and outreach programs.

Original article: http://www.coindesk.com/us-bank-regulator-creating-framework-for-overseeing-innovations-like-blockchain-tech/
By Stan Higgins
Compiled by: Kyle
Source (translation): Babbitt Information (http://www.8btc.com/occ-oversee-fintech-innovation)