The highest regulatory body of the US state of Texas that governs the banking system, the Texas Department of Banking, announced today that banks in the state are allowed to hold cryptocurrencies for their customers.
In the United States, there are some major differences between banks that are regulated by the federal government and by state governments. States have a certain degree of autonomy in the United States. This also means that regulation of the banking system at the state level can differ from the federal level. At the federal level, banks were actually authorized to provide such services before, but now officially in the state of Texas.
The regulatory body in Texas states that, in principle, the banks in Texas have long provided similar services for other types of assets. While the Texas Department of Banking states that providing these services with regard to cryptocurrencies is fundamentally different, it sees no reason to believe that banks would not be able to make and implement the necessary adjustments.
Banks now even have the option to keep copies of private keys and even the banks can hold a wallet to which and from which transactions can be made. The greatest responsibility that the banks bear in this regard is, of course, guaranteeing security.
The business climate in Texas is very attractive for many banks. It is for this reason that the state has the second highest number of banks. Only the state of California sees more banks located in the state.
Again, this is a step towards regulation and adoption of cryptocurrencies in the United States. Due to the enormous influence that the country has on the global financial markets, this development can be characterized as positive. Step by step we are getting closer to a world in which cryptocurrencies can no longer be ignored in the financial global climate.