Credit Unions and Cryptocurrency: A Primer

This piece is based off of John Best’s talk at the CU 2.0 Brainstorm Event in July 2021. It is not intended to be comprehensive—rather, it will provide a cursory introduction to cryptocurrency.

Cryptocurrency is a decentralized digital currency based on distributed ledger technology. It is secured through advanced cryptography, making it extremely secure and nearly impossible to counterfeit.

Cryptocurrency has already caught the attention of the NCUA and other credit union bodies. CU 2.0 and others are working with the NCUA to explore topics and questions such as:

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