US Bank Regulator: Virtual Currencies Could Be 'Revolutionary'

The head of an independent US agency within the US Treasury that supervises national banks has issued new statements on virtual currencies and their "potentially revolutionary" impact on banking.

Speaking before the Institute of International Bankers this week, the head of the Office of the Comptroller of the Currency (OCC) Thomas J Curry discussed virtual currency as part of a speech aimed at addressing the Bank Secrecy Act (BSA) and its ability to adapt to new innovations.

In his remarks, Curry referenced the "serious challenges" the banking industry faces from terrorist and criminal organisations, and how he believes they can be combated with strong risk management and anti-money laundering (AML) and BSA compliance.