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.
West Virginia State House picture by way of Shutterstock