LINCOLN, Neb. (WOWT) – Nebraska Gov. Jim Pillen signed a charter Wednesday allowing a Norfolk-based company to become a digital asset bank, “the first of its kind in the United States.”
The charter subjects Telcoin to state regulation and backs its cryptocurrency “predominantly” with federal bonds or FDIC-insured Nebraska banks. The move turns Telcoin turning them into “stablecoins,” known as eUSD as they’re tied to the U.S. dollar, in an effort to increase public confidence in — and use of — digital wallets by providing an alternative to other popular yet more volatile forms of digital currency.
“For Nebraskans, stablecoins — a version of cryptocurrency designed to maintain a steady value — may soon be another payment option alongside checks, debit cards, and digital wallets,” Wednesday’s release from the governor states.
“Our message to the industry is simple: Nebraska is open for your business.”
Kelly Lammers, director of the Nebraska Department of Banking and Finance, noted that the “special-purpose bank” had come together under state law. In the application advanced by Lammers in February, Telcoin said it had begun the filing process on October 2023 — two years after the Nebraska Financial Innovation Act, put forward by then-State Sen. Mike Flood, went into effect.
“This special purpose bank is designed under Nebraska law to ensure the payment is always good,” Lammers said in Wednesday’s release.
Paul Neuner, founder and CEO of Telcoin, applauded state officials, calling the charter a “milestone.”
“This charter is a milestone in the history of banking, but it also demonstrates that rural communities can play a part in emerging technologies — Norfolk, Nebraska can be at the center of the internet of money.”
“We’re very thankful to Governor Pillen, Congressman Flood, Director Lammers and his team for having the vision to see that this is about more than cryptocurrency. It’s about the technology of money, payments, and banking — financial technology innovation right here in Nebraska,” he said in Wednesday’s release.
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