Bitcoin Daily: BoE Advisor Says Cryptos Fail ‘Basic’ Tests; Wyoming Lawmakers Float Crypto Custody Bill

Swiss crypto wallet maker Tangem has notched a $15 million investment, Coindesk reported. The company makes a product for digital currency storage that it says is a “smart banknote for digital assets” and received the investment from SBI Crypto Investment, an SBI subsidiary. With the product, users can tap into in-store payments after a smartphone that is enabled with near-field communication (NFC) adds digital currency to the device. SBI Holdings President and CEO Yoshitaka Kitao said in an announcement that the wallet “is an important tool to promote mass adoption of digital assets and blockchain.”

And a senior adviser to the Bank of England’s governor noted in a Bloomberg Television interview that digital currencies don’t meet some fundamental standards, Bloomberg reported. Huw van Steenis said, according to the outlet, “they fail the basic tests of financial services. They’re not a great unit of exchange, they don’t hold value, and they’re slower.” He also said that one of the greatest hurdles for the bank will be the regulation of new banking system entrants.

In other news, legislators in Wyoming have unveiled a bill that would put forward “an opt-in framework for banks to provide custodial services for digital asset property as directed custodians,” Coindesk reported. In the event that the bill makes it into law, it would consider digital assets to be property under current legislation. Wyoming Blockchain Coalition Co-founder Caitlin Long said, according to the report, ”anything can happen in a legislative process, it’s not done till the governor signs the bill, but it has a lot of momentum behind it and a lot of support.”

On another note, a digital currency in South Korea inadvertently sent roughly $5.3 million in bitcoin and digital currency to customers by mistake, Coindesk reported. Now, Coinnest is reportedly requesting that customers send back the money that was delivered to them in error. The outlet reported that “server issues” at the outlet were taken care of as of January 19. It also said that the exchange is looking to “roll back transactions.”