Texas to Allow State Banks to Hold Bitcoin

Previously we’ve noticed how El Salvador embraces the mass adoption of Bitcoin as Congress passes the law, which makes BTC a legal tender. Earlier today, we gather some information that Texas will allow state banks to hold Bitcoins.

The Texas Department of Banking has authorized state-licensed banks to hold #crypto assets. The notice affirms that Texas state-chartered banks may store #cryptocurrency on the client’s behalf, provided the banks’ expertise, risk assessment, and business model.

The notice gives interested banks the option to store copies of private keys or even accept cryptocurrency transfers into wallets controlled solely by the banks. They may also partner with third parties to provide such services.

Texas state-chartered banks have long provided their customers with safekeeping and custody services for a variety of assets. These services play a crucial role in the bank’s business as customers look to banks to offer secure and dependable storage.

#SmartCrypto