Brian Brooks: "Banks can become blockchain nodes"

Director of the Office of the Conet Controller of the United States (OCC) Brian Brooks said, that blockchain will change the work of banks, which in the future will be able to act as nodes.

Brian Brooks (Brian Brooks) expressed his opinion at the event DC Fintech Week, Assuming, what Banks-“relic an era before the development of technology” and will face significant changes in their work due to blockchain. Brooks, Former chief lawyer of the Coinbase cryptocurrency exchange, suggested, that in the future banks will “directly connect to blockchains and will consider them as a payment network, the knots of which they will become ".

"Traditional role of banks" as a monetary aggregator may disappear. He said, that centralization is no longer required to increase the efficiency or provide services, eg, deposits or loans.

“Someone wants to take mine $10 000 And pay me 5%? The algorithm will find that, Who interests it ", – Brooks said. “Suddenly, the bank no longer needs to aggregate all this money. Because the technology replaces the function of aggregation of banks ".

However, this does not mean the end of the era of banks. According to the regulator, banks will continue to provide fiducial services, Consultations and storage of physical assets.

"I think, that banks play a huge role. But they will have to change. Instead of that, to work as an aggregator of dollars, Banks will focus on services with higher added value and high profit ".

Recall, that in September, the US monetary circulation control department has released
Explanations for American banks, according to which they are allowed to store money to ensure stablecoins. Earlier, Brian Brooks said, that it is precisely users who should solve the issue of cryptocurrency regulation standards.