OCC head speaks on revolutionary impact of digital currency on banking

The head of the Office of the Comptroller of Currency (OCC) Thomas J Curry spoke about digital currency and its potential revolutionary impact on banking.

"New payment systems are creating greater efficiencies and convenience, and virtual currencies offer the prospect of instantaneous transactions directly between individuals and entities on a global basis. These innovations are potentially revolutionary in their impact, and are advancing at a breakneck pace", he said.

Though he did not directly address the digital currency, he gave subtle hints regarding some of the operational issues the industry faced while trying to create association with the traditional financial system.

"It is also foreseeable that, if properly employed, technology can be used by banks and the government to better meet the goals of the BSA, by providing more accurate and timely information to law enforcement and regulators, while simultaneously reducing cost and burden," Curry added.