Earlier this week, the Virginia State Senate unanimously passed a historic cryptocurrency bill, which already cleared the state’s House of Delegates. The bill allows the banks to provide virtual currency custody services as long as they have proper protocols to manage risks effectively.
Virginia Is The First In The States To Offer This To Banks
By passing this bill, Virginia will become the first state to allow banks to provide cryptocurrency-related services.
The bill allows banks to keep the keys of an individual’s cryptocurrency wallet, similar to the way people use safety deposit boxes in banks. Delegate Chris Head noted that this move would put Virginia in a significant advantage regionally and nationally.
According to Head, cryptocurrency is an emerging economic asset that holds enormous potential for economic growth for those states that accept it.
He also stated that cryptocurrencies provide new job opportunities, business development, and economic success, especially for small businesses.
The bill was approved in the House of Delegates on February 3, and the State Senate cleared it on March 3.
However, if the Youngkin vetoes it, it might be overturned. Still, the federal banking officials stated last year that they wish to clarify cryptocurrency banking regulations in 2022.