Published on July 20th, 2018 | by bitcoin0
CFPB Launches Sandbox for Blockchain Innovation
The new fintech regulatory sandbox will look into activities of individual microlending while developing new alternatives for the traditional credit scores.
On Wednesday, July 18, The Wall Street Journal announced that the U.S Consumer Financial Protection Bureau has launched a fintech regulatory sandbox to foster innovation in the blockchain and the crypto financial markets.
Led by acting director Mick Mulvaney, the sandbox will help firms develop new products and services in the fintech space.
It was the first ever fintech regulatory sandbox in the country which provided companies a limited access to the crypto marketplace in exchange for relaxing some regulatory rules.
In the official announcement, the Bureau also said that innovation office has been created with the perspective to encourage and push consumer-friendly innovation.