Bitcoin Bank APPROVED! Avanti Obtains Banking Charter
The first crypto bank Avanti Bank was created in America & Trust
The first cryptobank started working in America
Avit’s own product could be an alternative to the digital dollar
US Considers Launching Digital Dollar
Wyoming Banking Council (USA) approved the charter of Avanti Bank & Trust, which gives it the same powers as other national banks in the country.
Avanti will provide tokenized US dollar
After obtaining the rights to carry out banking activities with digital assets Avanti Bank & Trust intends to provide its clients with access to a tokenized US dollar called Avit. The company will also provide its clients with services for the storage of digital assets, online banking based on API, in which client deposits must be 100% secured by reserves..
“Avanti’s mission is to provide an interoperable bridge between traditional and digital financial assets, with the strictest level of institutional storage standards. We will provide goods and services that are not on the market today. Currently, only Wyoming special purpose depositories such as Avanti can provide settlement of transactions between digital assets and the US dollar. Wyoming has the only US regulator with a digital asset banking supervision and regulation program, ”said Kaitlyn Long, founder and CEO of Avanti..
The company considers the tokenized dollar Avit to be its main product. It is designed to address the issues with legacy payment systems that traders, investors and corporate treasurers work with. The developers are confident that Avit will be able to solve legal, accounting and tax problems related to stablecoins. In the near future, the tokenized dollar will be launched on the Ethereum platform, and then will appear on other blockchains..
As a bank, Avanti will fully comply with all applicable bank secrecy laws, anti-money laundering laws, and OFAC laws, rules and regulations..
Can Avit become an alternative to digital USD
Experts consider Avit a possible alternative to the digital dollar, which the US authorities have been talking about since the end of last year. In January, BeInCrypto reported that former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo is launching the Digital Dollar project, which aims to explore the opportunities, risks and benefits of implementing a government electronic currency..
The founders of the Digital Dollar Foundation Christopher Giancarlo, Charles Giancarlo and Daniel Gorfin have announced the need to create an electronic means of payment that will have a number of advantages over paper banknotes.
However, the coronavirus epidemic has made adjustments to the project plans. CBDC Launch Paper bills and coins may be a thing of the past due to a new financial instrument – Central Banks Digital Currency (CBDC). As of … More of China and the popularization of electronic payments during quarantine, it has accelerated the work associated with the development of the cryptodollar. To solve the arisen problems, the specialists of the American FRS accelerated the development of the national payment system FedNow.
In parallel, local regulators are exploring the possibilities and prospects of issuing a central bank digital currency (CBDC). Lael Brainard, a member of the Board of Directors of the US Federal Reserve, told about this during her speech to the specialists of the US Federal Reserve and the US Federal Reserve Bank..
Brainard also talked about researching the possibilities of CBDC at the federal level. According to her, the issue of a financial instrument carries risks associated with illegal activities. At the same time, against the background of the upcoming launch of the national cryptocurrency of China, the Fed continues to look for options for creating a crypto version of the dollar.
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