Hawaiian authorities will consider a bill allowing banks to store cryptocurrency



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Hawaiian authorities will consider a bill allowing banks to store cryptocurrency

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Hawaii state senators have introduced a draft law that will allow banks to store “digital securities“, “virtual currencies“, “digital consumer assets” and other “open blockchain tokens.” About this writes Yahoo Finance.

Thus, financial institutions will be able to provide customers with digital services along with existing ones. It is assumed that to maintain the cryptocurrency storage system, banks will have to pay $ 1 annually and hire an independent accountant to check their digital books.

In turn, customers can allow banks to carry out transactions with their digital assets. To do this, they will have to agree with the “source code version” that banks will use.

If the bill is adopted, the system will be implemented within 60 days. In addition, the document will open up the possibility for courts to consider cases related to cryptocurrencies.

Now in Hawaii there is a rule according to which licensed cryptocurrency companies are required to have reserves equivalent to the amount of digital assets of their customers’ clients.

Due to this requirement, in February 2017, Coinbase Exchange suspended its activities in the state.

The new bill will probably not eliminate the provision on reserves, but it will be able to bring legal clarity to the activities of banks.

Hawaiian authorities will consider a bill allowing banks to store cryptocurrency



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