United States Banks Get Official Permission To Offer Digital Currency Custody Services

The United States administration has given the green signal for all nationally chartered banks in the nation to offer custody services for virtual currencies.

Jonathan Gould, Senior Deputy Comptroller and Senior Counsel, has announced that any of the United States’ national banks can hold onto the exclusive cryptographic keys for a digital asset wallet. Gould made the aforementioned declaration in a letter dated 22nd July that seems to be addressed to an anonymous bank.

Previous to banks’ getting the green light from Gould, crypto custody service could only be offered by specialist firms. To present the service to large investors, these firms characteristically had to be in ownership of a state license like a trust charter.

Because of the official permission, national banks in the US will be able to hold cryptocurrencies for their clients, who could profit from the decision as a consequence. In the letter, Gould mentioned that banks “may offer more secure storage services compared to existing options.”

Furthermore, Gould forecasted that to keep offering traditional services in the future, banks would probably have to consider new high-tech solutions.