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          Concurrently, the federal banking agencies also issued a joint   underlying technology – known as blockchain, or distributed
          statement on the accounting and reporting implications of the   ledger  technology  –  has  attracted  significant  interest  from
          new tax law. The statement allows for the adoption of FASB’s   financial institutions and investors.
          proposal for regulatory reporting of Dec. 31, 2017, financial   “It’s a technology that banks are very excited about,” says ABA
          information (which was due on Jan. 30).
                                                                 VP Rob Morgan in the latest episode of the ABA Banking
          To view the FASB proposal visit:  Journal podcast – noting that Bank of America owns more
          FASB/Document_C/DocumentPage?cid=1176169840420&ac      blockchain patents than any other company, even blockchain-
          ceptedDisclaimer=true                                  specific companies. “The type of problems blockchain solves

          To view the interagency statement visit: https://www.occ.  best for are really coordination problems,” he adds, which is
          gov/news-issuances/bulletins/2018/bulletin-2018-2a.pdf  why early use cases are focused on cross-border payments and
                                                                 trade settlement, for example.
          ABA Podcast: Separating Hype                           Morgan and virtual currency expert John Collins join co-hosts
          from Reality on Bitcoin and                            Evan Sparks and Shaun Kern for a 20-minute conversation
                                                                 on what bankers need to know about bitcoin and blockchain.
          Blockchain                                             The podcast covers the growth and use of virtual currencies,
                                                                 financial  crimes  concerns  related  to  virtual  currencies,  the
          Over the course of 2017, bitcoin                       underlying blockchain architecture, what makes it attractive to
          saw a 2,200 percent run-up in                          financial firms and some real-world blockchain deployments at
          value – but it has been a volatile                     banks.
          ride. One week alone, the virtual
          currency plunged 34 percent in a                       To listen to the podcast visit: https://bankingjournal.aba.
          matter of three days. Aside from                       com/2018/01/podcast-separating-hype-from-reality-on-bitcoin-
          the recent bitcoin mania that is                       and-blockchain/
          seeing a wave of “initial coin offerings” and goosing the stock
          value of companies that announce virtual currency plays, the

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             Based in Fargo, N.D., and serving the region

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          17233 AD North Dakota Bankers Association 2018_V4.indd   1                                       1/23/18   3:28 PM
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