Oklahoma lawmaker proposes state-chartered crypto depository

A lawmaker in the U.S. state of Oklahoma has proposed creating a state-chartered financial institution that, if approved, would serve as "the central depository for virtual currency used by governmental agencies in this state."

The measure, sponsored by state senator Nathan Dahm, seeks to provide a level of state-backed infrastructure for work done related to cryptocurrencies and blockchain. According to public records published via LegiScan, the proposed bill's introduction date is Feb. 3rd, indicating that the bill is at its earliest stages in development.

"This new financial institution shall be fully supported by blockchain technology and innovations. The new financial institution shall have the highest level of expertise with customer identification, anti-money laundering and beneficial ownership components," the bill notes, going on to further state:

"The new financial institution shall be designed to seamlessly integrate into existing banking and financial institution regulations that protect consumers while limiting regulations that restrict innovation and technological advances for new financial products, data transmissions and recordkeeping."

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