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Texas Gives the Go-Ahead for State Banks to Legally Hold Bitcoin

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Everything is bigger in Texas – even cryptocurrency.

After winning a vote of confidence from Gov. Abbott, Texas Department of Banking, the lone-star state has given the green-light go-ahead for state banks to begin legally holding Bitcoin (BTC).

Many investors are just as bullish on Texas itself as they are BTC, and the latest development is likely to attract high-profile companies in the blockchain industry to the state.

Texas and Bitcoin: The Story So Far

“Texas is seeing the rise in the virtual currency industry and trying to get out ahead of it and ensure our regulated banks are (now) prepared to remain competitive,” said Marcus Adams, the state banking department’s assistant general counsel.

Digital currencies skyrocketed during the pandemic, with the most epic leg-up coming in hot from the beginning of 2021.

And after spending the last year on the sidelines, Texas has no intentions to be left out of any future booms in the blockchain and crypto-industry at large and has finally decided to make its move publicly.

Thus, the Texas Department of Banking has sent out an industry-wide notice, letting state-chartered banks know that they have the authority to provide custody services for digital currencies.

This pro-active, crypto-friendly approach is the key to surviving the future for a government rather than retroactively punishing investors for managing to make a little bit of money and cracking down with hardline regulations and ultimatums.

Closing Thoughts

“Count me in as a crypto law proposal supporter. It is increasingly being used for transactions and is beginning to go mainstream as an investment. … Texas should lead on this (like) we did with a gold depository.”

With the total value of the cryptocurrency markets topping $2 trillion for the first time in April, it is probably not a bad idea for other countries and governments to begin changing their tune.

That is, global powers must pull the trigger sooner than later, before the choice to adapt is long gone, and these archaic traditional systems will rightly be made obsolete.

Despite this, the state is looking to empower itself by being a forward-mover in the inevitable mainstream adoption of BTC, rather than being a passive observer. 

An appropriate and measured response, to say the least – Go Texas!

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