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Federal Reserve Vice Chair Michelle Bowman has issued a stark warning to traditional banks: embrace blockchain technology or face becoming irrelevant. Speaking at the Wyoming Blockchain Symposium, she emphasized that regulatory caution must give way to proactive engagement with crypto innovations. Bowman highlighted tokenization and fraud prevention as immediate opportunities for the banking sector.
- Tokenization can eliminate manual processes and custodial coordination in asset transfers, reducing delays and operational risks
- Blockchain technology offers measurable fraud reduction capabilities that regulators should facilitate rather than impede
- Regulatory alignment is needed to move blockchain applications from pilot projects to mainstream adoption benefiting both large and community banks
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