Bitcoin News
By Maheen Hernandez
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Dated June 10, 2021, Texas Department of Banking in their Industry Notice 2021 – 23
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Texas state-chartered banks may now store Bitcoin on behalf of their clients. This looks like they are okay for crypto adoption.
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The notice makes an affirmation that Texas State-Chartered Banks can provide their customers with virtual currency custody services.
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Texas State-Chartered Banks have been long providing their customers with custody services and safe keeping for a variety of assets.
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Custody and safekeeping of virtual currency will differ from that of the traditional assets. Pursuant to Texas Finance Code Section 32.
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For clarity, virtual currency is a representation of the value intended for use as a medium of exchange, unit of account or store of value.
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It is the risk appetite and the expertise of the bank, which will determine the kind of custodial services they might be willing to offer.
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The customer can also transfer the control to the bank and create a new private key, which will in turn be held by the bank on behalf of the customer.
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So, this just looks like a lineup of Financial Institutions gathering. We might hear more of such news.
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El Salvador has made bitcoin legal tender. It was a bitcoin bill, not a crypto bill.
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Will never understand this “only BTC” narrative. BTC deserves all the credit for what it started and what it has become. But like any new technology, innovations have been made.
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There is only one way that gives you higher returns, that is to take higher risks. You could lose a lot too, but the higher risk, higher expected return relationship is a…
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