The United States CFPB Launches Regulatory Sandbox for Blockchain
Head executive, Mick Mulvaney, announced that the United States CFPB has just released a regulatory framework designed to snowball blockchain development and innovation as well as Fintech.
The bureau aims at guiding and support firms that are developing new technology related to finance and blockchain, including products and services as a recent report has stated. Mick Mulvaney spoke to the Wall Street Journal, explaining that new project will have a direct focus on assessing cryptocurrencies, blockchain platforms, altcoins and microlending among individuals. Possible traditional credit scores may have replacements as an added part of the initiative.
Mulvaney goes on to explain how far customer protection has evolved since the conception of a complaint hotline through the emerging and revolutionizing technology that constantly develops and upgrades on protection protocols and gave credit to the incredible advancements so far.
Paul Watkins, a former advisor to the state of Arizona and the launch of its own state regulatory framework regarding crypto and blockchain-tech, will direct the new office. Mulvaney has backed blockchain-tech before. In June, the office management head spoke during a statement and said that an appealing factor is in dire need by official regulators to continue encouraging a focus on Fintech while completely eradicating scams and hacking attacks.
He also expressed the importance and requirement of updated regulation sandboxes, stating that observation through the physical financial firm has ridiculous results and that this method is a key factor that requires verification and preventative measures.