West Virginia Lawmakers Complete Bitcoin Money Laundering Bill

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Lawmakers within the state of West Virginia have accomplished work on a invoice that will make it a felony to make use of bitcoin or different cryptocurrencies for cash laundering.

As reported in February, West Virginia House Bill 2585 constitutes an replace to the state’s anti-money laundering statutes, particularly making a definition for cryptocurrency that’s acknowledged as a ‘financial instrument’ within the state.

The definition included within the invoice 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 turning into state legislation, public data present.

Lawmakers have completed drafting the invoice following a convention interval, in line with LegiScan, a laws information service supplier. The state’s decrease chamber initially handed the invoice by a 78–21 vote, with the senate approving the measure unanimously a month later in a 34–zero vote.

The invoice, although topic to approval by the state’s governor, Democrat Jim Justice, varieties half of a bigger legislative development taking place within the US right now.

State lawmakers in a variety of states, together with Arizona, New Hampshire and Nevada, have handed or superior payments specializing in both bitcoin or blockchain in current months.

West Virginia State House picture by way of Shutterstock

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