Virginia State senate passes pro-cryptocurrency bill

According to bill number 399, the Senate of Virginia, United States, will create a working group to analyze cryptocurrencies, mining and blockchain technology

Members of the Senate of Virginia, United States, approved bill number 399, for the creation of working groups that will analyze cryptocurrencies, cryptomining and blockchain technology.

This is a “historic” bill that seeks to study issues related to the “cryptocurrency ecosystem in general and make recommendations to encourage the expansion of this technology.”

During the session on Tuesday, March 5, the proposal was presented by the legislators with recommendations on these issues. The Virginia House of Delegates had already approved the previous day’s bill with 97 members in favor, one against and two who chose to abstain from voting.

According to Senator Saddam Azlan Salim on January 9, the objective “is to exempt miners from obtaining money transmitter licenses and prohibits selective ordinances.”

It was learned that there will be 13 members who make up the new working group on cryptocurrencies: five from the Senate, five from the House of Delegates, two non-legislative citizen members from the blockchain industry and one non-legislative citizen representing the local government.

The preliminary deadline that has been set for the relevant studies is November 1, 2024. By that date, the studies must be available to issue the recommendations “no later than the first day of the 2025 Regular Session of the General Assembly.”


Source: cointelegraph

(Reference image source: Amjith S at Unsplash)

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