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21 June 2021

Texas Clarifies That State-Chartered Banks Can Custody Bitcoin

Texas Clarifies That State-Chartered Banks Can Custody Bitcoin


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"For instance, the bank may choose to allow the customer to retain direct control over their own virtual currency and merely store copies of the customer's private keys associated with that virtual currency," the notice affirms.

"Alternatively, the bank may cause the customer to transfer their virtual currency directly to the control of the bank, creating new private keys that are then held by the bank on behalf of the customer.".

In the first example, while the customer would know what the private keys that spend their funds are, a copy of their keys would be possessed by the bank –– theoretically being able to spend the funds without the customer's consent.

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