From the dawn of Cryptocurrencies, there has been an increased number of speculations surrounding the digital assets transactions. Most of them were revolving around security and credibility. The major concerns that arose around the Blockchain technology slowly resolved with improving technology in the niche.
Why the move
This very improvement proved to be the standing point for the lawmakers of the state of Hawaii to authenticate transactions using digital assets. The recent bill passed by them has been baffling many of the crypto-users as many banks turned down the choice of authorizing digital asset transactions. The majority of the banks are still skeptical of resuming operations using digital assets due to the increased compatibility issues and safety problems that would arise among its users.
With that all aside, the recent announcements from the banks of Hawaii make a clear-cut statement that digital assets will be used as a solid transaction commodity in the coming years. Being one of the fifty banks in the united states, the Hawaii banks are still to approve to the world that they would be providing their users with custodial services to their users revolving around digital assets.
The move is with regard to the bill passed by the lawmakers of the state and if it successfully passes, they can start resuming custodial operations with digital assets.
What does the law say
According to the bill, the digital assets will be considered as an intangible asset and the cryptocurrencies can be considered as legalized money.
“ Even though the digital assets are intangible, they still can be considered as financial assets accordingly to their value”
The details regarding the security will be framed based on digital security and investment properties.
All these details of the bills sound like sunny days ahead for crypto-users as this could greatly benefit their financial background and improve the economy as well.
Following this, it is found that Germany has also passed a bill stating that Banks would be able to store digital assets as money. One of the major digital assets that the banks would be handling would be Bitcoin. If these bills are passed successfully, it will inspire more financial projects in the same niche.
Even though there are so many advancements in the financial sector for Blockchain technology, there is still a cloud of doubt for many regarding the regulatory feasibility of the crypto money.