OCC calls for balanced Bitcoin regulation

Laying emphasis on a balanced approach to regulation governing the financial technology development in the US, the head of the Office of the Comptroller of the Currency (OCC) has cited bitcoin as one such example.

Thomas Curry, OCC Comptroller, has time and again called digital currencies as "potentially revolutionary" and recently he underscored the importance of bitcoin during a speech as he called for regulators to avoid imposing overly strict rules that could suppress otherwise productive work on financial technology.

"As the industry continues to innovate, it's important that regulators strike the right balance between encouraging responsible innovation and managing risk. Virtual currency, like bitcoin provides a good example", he said.

He further added that the agency has formed a working group that will "develop a framework to evaluate new and innovative financial products and services".

"We have a team with representatives from across the agency - policy experts, examiners, lawyers, and others - considering this question," he said. "We're still early in the process, so I can't tell you exactly where we'll end up."