The governor of Louisiana signs a bill
Picture Credits: BeInCrypto

The bill by Louisiana to allow financial institutions to act as custodian to digital assets marks a historic day for cryptocurrency

Cryptocurrency on its pursuit to be the most valuable and treasured asset.

Cryptocurrency the most treasured in the world
Picture Credits: How-To-Geek

It is not daily that, an asset emerges in the world, which is treasured and coined as one of the most valuable assets in the world. Cryptocurrency, one among the digital assets is tipped to be one of the most valuable assets a man can possess, as the globe is entering the technological revolution.

Crypto exchanges and institutions are already in the race to acquire as many cryptocurrencies as possible to dominate the market in the coming future. The governments of different countries are also acting on the demand for cryptocurrencies and are allowing the banks to act as a crypto exchange or a crypto custodian.

According to the reports, Louisiana a state in US, made a remarkable announcement that, the financial institutions in the state will be allowed to act as a custodian for cryptocurrencies and digital assets of the customers.

A bill signed by Governor to enact the law in the financial institutions.

Some U.S. states are already considering how to integrate cryptocurrencies into the operations of their financial institutions in light of the rising demand for them around the world. Out of such a philosophy, the US state of Louisiana issued a law that was signed by Bel Edwards, the governor of Louisiana, allowing the state’s financial institutions to hold clients’ Bitcoin and other digital assets in trust.

Bill “No. 802,” introduced by Louisiana State Representative Mark Wright, was also endorsed by the Pelican Center for Technology and Innovation and its director Eric Peterson. They announced that, if passed, the measure would have the following effects:

“Allow the financial institutions and trust companies to serve as custodians of digital assets, providing parameter, procedures for both the parties; the banks and the customers to enable them store their assets as a custody in the institutions.”

According to the bill, the safe custody refers to the safe keeping or custody of digital currency or other related assets by financial institution or trusted companies.


Writer’s report.

It is certainly eventful as cryptocurrency emerges ahead in the demand across the globe. Though the market crash was a steep one, many critics believe that the market phase is just a phase and the market will rise back again to bullish market. When the market is revived back, all the countries across the globe will be in a race to acquire as much digital assets as possible as cryptocurrency, a part of digital asset is tipped to be one of the most valued asset in the coming future, according to some critics.