Bitcoin & Crypto Can Be Held in Banks for Customers in Louisiana Under Bill Signed by Governor

by Eva Fox June 24, 2022

Bitcoin & Crypto Can Be Held in Banks for Customers in Louisiana Under Bill Signed by Governor

Louisiana Governor has signed a bill allowing banks in Louisiana to store Bitcoin and cryptocurrencies for their customers. As the market for cryptocurrencies expands and digital money becomes more widespread, some US states are looking for ways to include these assets in the operations of their financial institutions.

Louisiana Gov. John Bel Edwards signed a bill allowing financial institutions in Louisiana to hold Bitcoin (BTC) and other digital assets for customers. Bill “No. 802,” which was sponsored by Louisiana State Representative Mark Wright and supported by the Pelican Center for Technology and Innovation and its director Eric Peterson (who also shared the news), states that its enactment would:

“Allow financial institutions and trust companies to serve as custodians of digital assets; to provide for parameters and procedures; and to provide for related matters.”

As per the bill, custody services refer to “the safekeeping or custody of virtual currency or other assets by a financial institution or trust company.”

In addition, Wright also proposed a crypto-friendly bill “No. 1010,” which would allow the creation of deregulated industrial and energy zones in the state. If this bill becomes law, it would allow the governing body to petition the state land office “to designate a tract of land within the parish as a power zone.” The move will make Louisiana an attractive destination for Bitcoin miners, Peterson said.

© 2022, Eva Fox | Tesmanian. All rights reserved.

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Article edited by @SmokeyShorts, you can follow him on Twitter








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