The Virginia Senate decisively approved a landmark bitcoin banking measure earlier this week, which had already passed the state’s House of Delegates.
When the law reaches Republican Governor Glenn Youngkin’s desk, legislators expect him to sign it within seven days. H.B. 263 “permits Commonwealth institutions to provide virtual currency custody services so long as the bank has proper mechanisms in place to successfully manage the related risks,” according to the bill’s summary.
Delegate Chris Head, who is also a candidate for the state Senate, said he was motivated to introduce the measure after reading about how Texas was dealing with regulation and who is allowed to keep the keys to one’s cryptocurrency wallet.
“By codifying the ability for state-chartered banks to become custodians of cryptocurrency, this will make Virginia the first in the country to provide this ability to banks through legislation,” Head stated.
He added:
“Functionally, the bill allows state-chartered banks in Virginia to hold the keys to one’s cryptocurrency purse, similar to how individuals use safety deposit boxes at banks. Ultimately, this will put Virginia at a significant advantage regionally and nationwide.”
Cryptocurrency has the ability to grow the economy ( United States of Virginia )
Cryptocurrency, according to the delegate, is a new economic asset with huge potential for economic growth in nations that adopt it.
For example, Head mentioned the advantages that bitcoin can provide to small firms, saying:
”As a small business owner, I’m always looking for the potential in policies to create opportunities for jobs, business development, and economic success. Cryptocurrency has the potential to do just that.”
On February 2, the House of Delegates easily supported the bill, and the state Senate approved it on March 3 by a vote of 39 to zero. In the rare event that Youngkin vetoes the bill, the legislature could override his choice.
In November 2021, federal banking officials stated that they intend to clarify bitcoin banking legislation in 2022.
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