According to a report released by the U.S. Office of Inspector General (OIG), data from the U.S. Federal Deposit Insurance Corporation (FDIC) shows that as of January 2023, about 136 banks are planning or already participating in various activities related to encrypted assets.
The growing involvement of banks in the digital asset industry points to growing demand for cryptocurrency-related services and reflects the growing popularity of assets such as bitcoin. However, the OIG called on the FDIC to provide banks with appropriate guidelines in accordance with their mandate.
The challenge for the FDIC is to ensure that its policies and procedures take into account the risks associated with digital assets, particularly with regard to deposit insurance. Furthermore, the report warns that given that 16 percent of Americans (52 million people) have purchased cryptocurrencies, there is a growing need for corresponding protections.