The state of Louisiana has passed a bill authorizing banks and institutions in the traditional financial system to operate with Bitcoin and other cryptocurrencies.
With the approval of House Bill No. 802 by Louisiana Governor John Bel Edwards, Louisiana has become the latest state in the United States to authorize the integration of cryptocurrencies into traditional banking.
El bill in question was signed by the governor on June 15 and will come into effect from August 1st this year.
With this new legislation, banks and financial institutions in the state will be able to offer their clients cryptocurrency financial and custody services, which represents an important step towards building a favorable regulatory ecosystem for crypto assets in the state and in the country.
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Last May, the Louisiana House of Representatives passed a bill to legalize cryptocurrency services companies and establish a virtual asset licensing regime in its jurisdiction.
The bill is currently under consideration by the State Senate, which will forward it to Governor John Bel Edwards for final enactment if approved.
Louisiana and its support for the cryptocurrency industry
Bill No. 802 was voted on by the Louisiana State House of Representatives earlier this month, reaching a total of 96 votes in favor, of 105 votes cast.
Dennis Porter shared the news of the bill's passage on his Twitter account. Its main sponsor, state representative Mark Wright, noted that the passage of this bill would facilitate access to cryptocurrencies in a safe manner for investors.
Wright is a well-known Bitcoin and cryptocurrency enthusiast. In addition to the HB802 bill, which allows banks to hold cryptocurrencies, Wright has also introduced other cryptocurrency-related proposals to boost the development and innovation of the crypto industry in the state of Louisiana.
In 2020, Wright introduced the bill N º 701 to regulate the cryptocurrency industry in Louisiana through the issuance of virtual currency licenses. In April, it also introduced the bill N º 1010, pending approval at the time of this edition, with which it seeks to promote cryptocurrency mining as an economic activity for the benefit of the state.
In May, Wright said he was considering introducing a new bill that would allow lawmakers to accept cryptocurrencies as contributions during their political campaigns.
Louisiana also has a digital asset task force dedicated to studying ways state lawmakers can regulate the cryptocurrency industry to boost the use and adoption of its disruptive technologies.
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