NCUA official seal NCUA official seal. (Source: NCUA)

The NCUA has told credit unions they can use the technology behind cryptocurrency as long as they follow NCUA principals to ensure compliance with existing regulations and don’t create undue risk.

NCUA Chairman Todd Harper’s four-page letter sent Thursday to federally insured credit unions said the NCUA does not prohibit credit unions from employing distributed ledger technology (DLT), which is used to support cryptocurrencies, “if it is deployed for permissible activities and in compliance with all applicable laws and regulations, including applicable state laws or state supervisory authority requirements.”

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Jim DuPlessis

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