Lawmakers in the state of West Virginia have completed work on a bill that would make it a felony to use bitcoin or other cryptocurrencies for money laundering. <\/p>\n
As reported in February, West Virginia House Bill 2585 constitutes an update to the state's anti-money laundering statutes, specifically creating a definition for cryptocurrency that is recognized as a 'monetary instrument' in the state. <\/p>\n
The definition included in the bill reads: <\/p>\n
\"'Cryptocurrency' means digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, and which operate independently of a central bank.\" <\/p>\n
The measure is on the cusp of becoming state law, public records show. <\/p>\n
Lawmakers have finished drafting the bill following a conference period, according to LegiScan, a legislation data service provider. The state'slower chamber initially passed the bill by a 7821 vote, with the senate approving the measure unanimously a month later in a 340 vote. <\/p>\n
The bill, though subject to approval by the states governor, Democrat Jim Justice, forms part of a larger legislative trend happening in the US today. <\/p>\n
State lawmakers in a number of states, including Arizona, New Hampshire and Nevada, have passed or advanced bills focusing on either bitcoin or blockchain in recent months. <\/p>\n
West Virginia State House image via Shutterstock <\/p>\n
LegislationRegulationWest Virginia <\/p>\n
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Follow this link: Lawmakers in the state of West Virginia have completed work on a bill that would make it a felony to use bitcoin or other cryptocurrencies for money laundering. As reported in February, West Virginia House Bill 2585 constitutes an update to the state's anti-money laundering statutes, specifically creating a definition for cryptocurrency that is recognized as a 'monetary instrument' in the state. The definition included in the bill reads: \"'Cryptocurrency' means digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, and which operate independently of a central bank.\" The measure is on the cusp of becoming state law, public records show Continue reading
\nWest Virginia Lawmakers Complete Bitcoin Money Laundering Bill - CoinDesk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"