The rapid pace of usage, and the complexities of such crypto-assets, have forced central banks to reassert some fundamentals relating to the definition of money, its characteristics, and the role of the central bank in this regard.
-12-  The Path Forward In our effort to refresh the CRA regulations, we will continue to honor the purpose of the CRA by encouraging banks to engage in local community and economic development initiatives. I am confident that there are ways to update the areas where we evaluate a bank’s CRA performance without losing the core focus on place.