The cryptocurrency-friendly bill, co-sponsored by a cryptocurrency company and first introduced by Republican Senator Mike Flood in January, was signed today in Nebraska.

One of Senator Flod’s early initiatives was the Nebraska Financial Innovation Act, which was passed two weeks after he was sworn in. It will prescribe regulation of digital deposits in the country through the creation of a new government bank charter dedicated to digital real estate-backed transactions. Services. Republican lawmakers outnumber Democrats by nearly two to one in the state legislature (32 to 17), and the final vote this week was 2-46.

The law is signed into law 647 and means that financial institutions – such as banks, construction companies and loans – can operate the digital barring business that Nebraska will provide “charter, operations, supervision and regulation.” According to the law, these funds can be rented in the United States or by a foreign authority.

Telcoin, a blockchain company specializing in telecommunications and offering services on the Ethereum network, was actively involved in the development of the bill. The company has found a clear partner in the person of Senator Flood, which at the beginning of the year promised to make Nebraska a center of financial technology and in parallel implement the law on transactions with digital assets. In January, he told reporters:

“One of the things we need to do is create high-paying, skilled jobs. We also need to create jobs that provide prosperity in society […] I work with someone I have known for a long time who has worked in cryptocurrency. Norfolk has good opportunities in this area. ”
Today’s press release from Telcoin quotes Floods as welcoming Telcoin to Nebraska and saying, “This new charter sends a strong signal that Nebraska is open to business in this exciting new space.” While holding cryptocurrency was already permitted for federal charter banks in the United States in July last year, Nebraska law will extend these rights to charter institutions across the state. Wyoming is the only US state to surpass Nebraska in this regard since establishing its first crypto bank in September 2020.