Hawaii New Bill Suggests Banks to Act as Cryptocurrency Custodians

Hawaii, the US state, has taken a major step to strengthen the position of cryptocurrencies as the government has proposed a bill allowing banks to work as cryptocurrencies custodians for the investors. The highly anticipated bill, if passed, will authorize the Hawaiian banking institutions to hold, manage, and deal with virtual assets. The wide range of offerings to be provided by the banks after the passing of the legislation would include digital customer assets, digital securities, and cryptocurrencies.

According to the reports, the bill has cleared the first reading on January 21, 2020. The co-sponsors of the bill included some of the most renowned senators like Sen Gil Riviere, Sen Sharon Moriwaki, Sen Stanley Chang, and Sen Les Ihara belonging to the Democratic Caucus and Sen Kurt Fevella hailing from the Republican Party. Now, the bill has been passed on for further scrutiny to the Senate Committee on Commerce, Consumer Protection and Health, and the Senate Committee on…