Virginia approves bill that will allow banking entities to hold cryptocurrencies – DiarioBitcoin

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Virginia approves bill that will allow banking entities to hold cryptocurrencies - DiarioBitcoin By Angel Di Matteo @shadowargel

Bill 263 was approved unanimously by the House of Representatives of the state of Virginia, and the state governor, Glenn Youngkin, is expected to sign the decree in the next seven days so that it officially goes into effect.


The bill introduced by Christopher T. Head before the House of Representatives of the state of Virginia, which sought to empower state banks to offer custody services for cryptocurrencies, was recently approved unanimously after being voted on in the legislative chamber.

Banks in Virginia will be able to custody cryptocurrencies

This was reported by various news portals, which indicate that Bill 263 now awaits the Governor of Virginia, Glenn Youngkin, to be signed in the next seven days and enter into force within the corresponding provisions.

In relation to said bill, it will allow banks to offer custody services for digital currencies, which would imply that they adopt the corresponding protocols to make this possible, guaranteeing the security of users’ digital assets at all times. .

Among the established considerations, only those banks authorized to carry trusts, which have the respective department that has the approval of the state, may hold cryptocurrencies.

After the bill was approved, the person responsible for the proposal, Head, explained in an interview to Fox Business the next:

“By codifying the ability for state-chartered banks to become cryptocurrency custodians, Virginia will be the first in the country to provide this ability to financial institutions through legislation.”

And I add:

“Functionally, the bill allows state-chartered banks in Virginia to hold the keys to a person’s cryptocurrency wallet, similar to how users use safe deposit boxes at financial institutions. Ultimately, this will put Virginia at a significant advantage regionally and nationally.”

Crypto legislation in the US advances

With this announcement, the state of Virginia joins the group of jurisdictions that are making efforts to somehow legitimize the use and circulation of cryptocurrencies in their respective territories.

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In mid-February, a bill presented to the Idaho legislature raises some legal definitions applicable to currencies and digital assets, with special emphasis on the fact that these would be considered personal property.

For his part, the representative for the Democratic Party of Tennessee, Jason Powell, introduced before the House of Representatives a bill so that the state and other neighboring municipalities have full power to invest in Bitcoin, cryptocurrencies and digital collectibles (NFT).

At the end of January, state senator Wendy Rogers has presented a legislative proposal, numbered SB1341which would seek to amend the Arizona Revised Statutes to include Bitcoin as a form of legal tender. And for those same dates, the governor of the state of Colorado, Jared Polis, confirmed to several media outlets that he is going ahead with his intention that residents have the possibility of paying their taxes with digital currencies.

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Source: BitcoinMagazine, dailyhodl

Angel Di Matteo version / DailyBitcoin

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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