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The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
Oct. 16, 2024
As lawmakers continue to debate a regulatory framework for stablecoins, the latest Independent Banker magazine highlights how ICBA remains engaged to ensure that policymakers address the concerns of community banks.
Details: The article notes that cryptocurrency transactions take place outside the traditional financial system in an environment where buyers and sellers maintain some anonymity, which can lead to theft and scams.
Scale: During the first six months of 2024 alone, the article notes, hackers lifted nearly $1.4 billion worth of crypto from global sources, and in 2023 consumers reported nearly $4 billion in losses from crypto investment scams.
ICBA View: ICBA recognizes the need for clear guidelines on cryptocurrency and stablecoins and says it is critical that regulatory frameworks effectively address the risks associated with cryptocurrency to safeguard community banks and consumers.
More: The October issue of Independent Banker also features articles on successful core conversions, specialized lending, email marketing, and faster payments.
Access: The magazine is available on the Independent Banker website and via the digital edition.