Texas Chartered Bank Are Allowed To Store Cryptocurrency
Recently there was news by El Salvador to legalise bitcoin as a legal currency in Salvador, Impacting much over the mentality of those services (including government authorities) which are against the Cryptocurrency use.
Today news is coming from the Texas officials, All the banks in Texas State are allowed to use Cryptocurrency.
This is an official rule which is implemented by the Texas regulators of banking and economic related schemes.
From now, all the chartered banks of Texas are allowed to use Cryptocurrency on the behalf of the bank customers.
In the present time people are more engaged in Cryptocurrency use instead of banking money fiat systems. And this is a big issue to lower down the economy of the country.
So the regulators of Texas planned to use Cryptocurrency for bank purposes.
The Regulating agency confirmed that, Bank can offer all types of possible services for their customers regarding Cryptocurrency.
Since it is not confirmed yet, that bank will buy/sell Cryptocurrency to their users. But according to the statement that is floating around on social media, banks can offer custody services to their users for Cryptocurrency.
And also the regulating agency confirmed that banks should take care about the insurance and security of their Cryptocurrency.
On one side Cryptocurrencies are highly volatile and on another side to give security to the Crypto funds of their users is a big matter.
According to this new rule to use Cryptocurrency by bank, banks should have Bitcoin or ethereum like Cryptocurrency at their private key to ensure their security.
Many experts say that “Banks may face a big issue because the main problem for banks is to use the funds of their users. If a bank will insure the funds at a private key then how will the bank use the Cryptocurrency ( worth value) to make earnings.
But still many crypto experts are saying that it will push the business of the banking system.
Banks will use Cryptocurrency not to give loans but they will give loans in Crypto also.
Well it will be a big movement regarding Cryptocurrency use in this field of crypto world.