More financial institutions are increasingly adopting blockchain innovation. The North American state, Nebraska, has become the second to permit state banks to offer cryptocurrency-related services. Wyoming is the first state to set the pace for bank crypto services.
The decision was made by the Nebraska senators. The notification was made on Monday using the first of the three required votes. Nebraska should also become the first American state to integrate the use of cryptocurrencies on a large scale, according to Mike Flood, a Rebublican senator.
Fintech companies are also warming up to the integration of digital assets. PayPal has included a major crypto feature to its platform. US users can purchase or sell cryptocurrencies on the platform.
Reactions Trailing the Acceptance of Cryptocurrencies in Nebraskan Banks
The adoption of cryptocurrencies by financial institutions, though a good step forward, doesn’t come without some criticisms. The cryptocurrency market is considered a very speculative and controversial industry. Government agencies globally also suggest that individuals and corporate entities thread with caution in its application.
Senator Steve Erdman of Nebraska has stated matter of fact that the bill makes no sense. According to reports, Erdman believes that it would take a long while for the bill to be approved by the legislature.
However, another state senator Adam Morfeld, although agrees with the suggestion, had said that he did not agree with certain measures. He further highlighted a bill that sought to take credit unions out of profit. The Industrial Bank, his competition before announcing the project, had earlier worked it out with lawmakers.
The steady increase in the demand for financial institutions to offer cryptocurrency-related services might continue to gain momentum. Several finance companies including Morgan Stanley and Goldman Sachs have embraced the crypto market.