Nebraska’s state legislature passed a bill that will allow the state’s banks to offer their services to customers wanting to use cryptocurrency. The bill was signed into law by the state’s governor Pete Ricketts last Monday. The new law will come into effect on July 1st, 2018. (Approval of the bill was a bipartisan effort, with three Democrats and three Republicans signing it into law.)
Summary of the situation
– Nebraska becomes the second state to accept cryptocurrency banks.
– Nebraska senators are ambivalent about the crypto-currency law.
Banks in Nebraska are motivated to get into the cryptovalue game by allowing their units to offer cryptovalue services. State banks are also looking at ways to bring other cryptocurrencies into play.
Nebraska senators announced this Monday during the first of three votes required by the legislature. With this action, Nebraska becomes the second North American state to create a legal document for cryptocurrency banks. The state of Wyoming started this movement to give people access to crypto-currencies.
What are crypto-currencies?
Cryptocurrencies are an alternative to real money, but in a virtual form that is tracked and stored through a blockchain. With this decentralized tracking network, people have a guarantee on their money for secure and easily verifiable payments. Unlike paper money, cryptocurrencies are not controlled by a government; it is an open trade that attracts investors.
Crypto technology has grown in recent years, generating incredible profits for active traders. But some people think that cryptocurrencies are a volatile and very risky thing for the economy.
Mike Flood, a Republican senator, said the bill came to him after a conversation with a friend who had moved to Wyoming. Flood notes that Nebraska could become the first U.S. state to adopt decentralized currencies on a large scale. This move will help traders, but will also have a positive effect on cryptocurrencies.
Financial companies like PayPal have also shown their affinity for bitcoin or other cryptocurrencies. PayPal recently allowed the buying/selling of cryptocurrencies through its platform. The Act’s scheme would work in exactly the same way, except that it would cover the direct use of cryptocurrencies.
However, unlike depositing cash at a bank, this is not possible with cryptocurrencies. You should know that digital currencies have not been approved by the government in North America or anywhere else in the world.
While the news about the introduction of cryptocurrencies at the bank level sounds interesting, some lawmakers disagree. Many say that this law is meaningless, so its validity is questioned. Senator Steve Erdman of Nebraska said the bill is not close to being approved in the state.
But Adam Morfeld, a senator, said he supports the idea but disagrees with some of the measures. Morfeld complained about a bill that would strip credit unions of their profits. Its competitor, Industry Bank, worked with lawmakers before introducing the project to the public.
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