March 29, 2024

Cryptocurrencies May Allow Hawaiian Banks

Several lawmakers in the American state of Hawaii have proposed allowing local banks to store“Digital securities”, “virtual assets” and other “open blockchain tokens”.

Five state senators sponsoredbill SB2594, if approved, Hawaiian banks will be able to provide their customers with various cryptocurrency transactions - storage, exchange and trading. Note that at the moment, American banks are trying to stay away from Bitcoin and cryptocurrencies due to possible illegal activities.

However, there is at least one problem - stillin 2017, the local regulator obliged companies working with cryptocurrencies to keep on their accounts a stock of fiat funds equal to the volume of stored cryptocurrencies. In this regard, the American cryptocurrency exchange Coinbase decided to stop providing its services in the state of Hawaii.

However, the new bill does not concernthis problem. The document describes an inexpensive digital asset storage system. Banks will only need to hire an independent consultant for the audit, and customers will be able to entrust the custodian with operations with their cryptocurrencies.

Interestingly, in 2018 in the stateHawaii had its own “Satoshi Nakamoto.” The United States Patent and Trademark Office (USPTO) has received an application from one Cua Maria “AKA Satoshi Nakamoto”, who claims to be none other than the inventor of the first cryptocurrency.

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