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Virginia Senate passes Blockchain bill to promote cryptocurrency adoption

Such initiatives can attract new investment, talent and businesses related to the sector, which can further develop the ecosystem.

Date: 2024-03-07 Author: Marek Stiller
Virginia Senate passes Blockchain bill to promote cryptocurrency adoption

To protect the rights of its citizens to cryptocurrencies, the state of Virginia is one step closer to forming a working group to address the in-depth expansion of cryptocurrencies.

On Monday, the Virginia Senate passed a bill to create a research group to study cryptocurrencies and blockchain. on February 5, the proposal was presented to the Senate as a bill.

Compared to the first version of the bill, which was passed in January, the current Senate No. 339 is a substitute amendment. The state House of Delegates, with 97 members voting, strongly supported the legislation.

What’s more, Senator Saddam Azlan Salim has proposed a Senate bill to exempt mining companies from having to obtain licenses to send money. In this way, it aims to improve conditions for miners and other cryptocurrency companies.

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In addition, the Senate will consist of five members appointed by the Senate Rules Committee: two non-legislative members from the technology industry and one non-legislative member from local government, appointed by the Bureau.

“The working group will complete its meetings by November 1, 2024.” – wrote the bill.

“The bureau shall submit a summary and report of the working group’s findings and recommendations to the Governor and the General Assembly no later than the first day of the 2025 Regular Session of the General Assembly.

State of Virginia moves toward cryptocurrencies

A study by CoinLedger found that Virginia is lagging behind the five U.S. states with the highest taxes on cryptocurrencies.

However, it has allocated $17,192 to the Blockchain and Cryptocurrency Commission for 2025 and 2026. The General Government Subcommittee of the Virginia Senate Finance and Appropriations Committee has allocated more than $23.6 million to various legislative agencies.

What’s more, state and police employees in Fairfax County, Virginia are looking forward to retiring with Bitcoin dividends. This comes after Morgan Creek Digital, a digital asset management firm, announced a new venture fund worth $40 million in cryptocurrencies.

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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