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Hawaiian Banks Making Plans To Dabble In Crypto With New Bill

Bitcoin Cracks Further As It Trades Below Psychological Level of $10,000

Cryptocurrencies as a whole has many perks, and will doubtlessly rise in relevance as time goes on. However, there are some issues with it, one of the most prominent being the technical know-how you need to operate it without fault. You don’t need a Doctorate in software engineering to work a wallet, but sometimes it’s required to not to make a bit of a blunder.

Stopping Basic Errors

Case in point, look at the man who threw away his hard drive containing several million USD worths of Bitcoin, or Peter Schiff losing his own Bitcoin due to him making rookie mistakes. While this isn’t the case for most people, that little extra admin that needs to be done tends to be lost in the modern conveniences of today.

Hawaii is planning to ease the convenience of users, or rather they’re planning to try.

In Pursuit Of Crypto Expansion

Four senators, consisting of one Republican and three Democrats, have introduced a new bill: Senate bill 2594. The Bill will allow banks in Hawaii to store various digital assets under three broad categories: “digital securities,” “open blockchain tokens,” and “virtual currencies.” The Bill has so far passed its first reading, which is always a good sign.

Hawaii Proposes Law to Make Banks Act as Crypto Custodians 

With the wording of this Bill, it’s strongly implied that banks could store cryptocurrencies like Ethereum, Bitcoin, or others like it, should the bill pass. If the thing indeed passes, it would mark a substantial step within the US and its crypto acceptance as a whole. This isn’t even mentioning the fact that it will bring Bitcoin to a broader base of potential users that very much take the modern conveniences as a non-negotiable.

Global Spread Of Innovation

Something important to be aware of is the fact that the Bill doesn’t mean that banks will start piling on the Bitcoin movement as soon as it passes. While there is a definite demand for it, otherwise the Bill wouldn’t have come up to begin with, one shouldn’t assume that this demand is universal.

This isn’t the first of such efforts, however. In Germany, legislation had already started to pass within the country’s parliament. Should pass happen in its entirety, it will make the selling and storage of digital assets by German banks all the easier. Back in December, Reuters made a report that the Dutch bank, ING, was making plans to create a crypto custody project, as well.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.