The pace of adoption of the crypto-verse appeared to be taking a notable plunge. Texas’s latest move is evidence of the same.
While the world still battles the mortal Covid-19 virus, Bitcoin [BTC] emerged as a promising digital asset. The king coin’s five-fold growth paved the way to many nations to adopt the crypto industry. Even though the advantage has plummeted down to $36K in $64K, the requirement for BTC persists.
While El Salvador made certain to provide Bitcoin a legal standing in the country, other areas of the world have their own way of showing support for the king coin. A Texas state regulator was lauded for its recent crypto-friendly move.
Texas state banks can provide virtual money custody services
The Texas Department of Banking issued a recent notice highlighting that banks at the country would now be able to hold cryptocurrencies such as Bitcoin and several others. State-owned banks were given a green signal concerning providing services that comprised virtual currencies to their customers. However, these banks have been obligated to keep protocols that efficiently managed the risks that surrounded the crypto-verse.
While noting that Texas-state chartered banks have rendered custody services for several other resources, the regulator composed,
“While custody and safekeeping of virtual currencies will necessarily differ from that associated with more traditional assets, the Texas Department of Banking believes that the authority to provide these services with respect to virtual currencies already exists pursuant to Texas Finance Code § 32. 001.”
Furthermore, the note entailed details of interest to the crypto industry and its own functions. The most recent legislation appeared to be the result of the recent bill to comprehend cryptocurrencies that were passed from the Texas House of Representatives.
Additionally, the regulator allowed the banks to join hands with third-party providers. The regulator further additional,