Oklahoma Lawmaker Launches Bill to Create Crypto Depository for Government Use

A bill has been introduced in the U.S. state of Oklahoma to establish a new type of state-chartered financial institution that will be “the central depository for virtual currency used by governmental agencies in this state.” The new establishment aims to provide financial and technical services to crypto innovators and developers.

Also read: Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia

Proposed Crypto Depository for Government

A lawmaker has introduced a bill in the U.S. state of Oklahoma seeking to create a governmental crypto depository. Senate Bill 1430, authored by Senator Nathan Dahm, was introduced on Jan. 15, according to the government’s website. Its first reading is scheduled for Feb. 3. The bill reads:

The legislature hereby authorizes the State Banking Department and the Oklahoma Department of Commerce to coordinate and develop plans … [to establish] a new type of financial institution to be a…