Of late, the adoption of cryptocurrencies seems to finally be taking off. It all started with El Salvador’s bill to legalize Bitcoin as tender in the country. The latest move Texas made is proof that digital currency and cryptocurrency are the future of money.
Morever, as the world continues fighting the contagious Coronavirus, Bitcoin has presented itself as a potential digital asset. Furthermore, the supreme crypto coin’s five-fold growth created a way for many countries to embrace the crypto world. Despite Bitcoin slumping to $34k from $64k the supreme coin’s demand persists.
While El Salvador ensured to give the father coin legal status in the country, other sections of the world have their ways of showing support for it. In Texas, people praised a state regulator for its newest crypto-friendly move.
The TDB issued a recent notice stressing that banks in the state would now have the capacity to hold cryptos like Bitcoin and many others. Financial regulators gave a go-ahead to State-owned banks in terms of providing services that involved digital currencies to their customers.
Texas State Banks Asked To Maintain Certain Conventions
However, these banks were obliged to maintain conventions that proficiently managed the risks that bounded the crypto world.
While observing that the state chartered banks have solidified custody services for several other assets, the regulator wrote:
“While custody and safekeeping of virtual currency will necessarily differ from that associated with more traditional assets the Texas Department of Banking believes that the authority to provide these services concerning virtual currencies already exists according to it’s Finance code 32.001.”
Moreover, the notice contained details concerning the crypto industry and its tasks. The cutting-edge law appeared to be the outcome of the recent bill to recognize cryptocurrencies that were approved by the Texas House of Representatives.
In addition, the regulators allowed the banks to partner with third-party service providers. The regulators added:
“As with the method of custody services, several secure storage options are available to the bank, each of which has distinctive characteristics about the level of security and accessibility. The bank will have to determine which storage option best fits the circumstances.”
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