OCC’s new rules and regulations: Does it pave the way for another Netscape moment?

July 2020 is considered as a historic day in cryptocurrency, as the Office of the Comptroller of the Currency (OCC) issued some new regulations. According to these guidelines, national banks and federal financial organizations can offer cryptocurrency services to their customers. These services include safekeeping and storage, as well as other services. 

The safekeeping service offered by these banks is considered as an essential service, especially by those people who own these currencies. Why? Because these currencies can be stolen quite easily. If the banks offer custodial services, people will be more at ease. Earlier, only firms working in this sector offered such services. 

Cryptocurrency is a popular concept in America, and millions of people use this money. This is why proper and improvized rules and regulations are needed to meet the financial requirements of people. An OCC expert mentioned that banks must use new technologies to offer these services (payment, trading, and deposition). 

This opens quite some possibilities, such as banks establishing their cryptocurrency units. Also, this means that cryptocurrencies will be more readily available. This can boost the growth potential and its market share. 

This can be compared to the growth of the internet company Netscape. However, skepticism remains, and we will see if the market share will plummet suddenly (another incident associated with Netscape).