29 Apr '17, 10am

West Virginia Bill Aims to Define Bitcoin as a Monetary Instrument

West Virginia Bill Aims to Define Bitcoin as a Monetary Instrument

West Virginia bureaucrats are moving forward to define bitcoin and other digital currencies with an anti-money laundering (AML) bill. The state’s latest House Bill 2585 will add bitcoin to the regions’ AML statutes defining virtual currencies as a ‘monetary instrument.’ Also Read: Bitcoin’s Triumphant Q1 Price Resilience and Performance Surpassed All Fiat Currencies Cryptocurrency May be Added to West Virginia’s Monetary Instruments Definitions West Virginia is headed in the same direction as Florida as the state’s House representatives are pushing for new bitcoin AML regulations. West Virginia House Bill 2585 will now be reviewed by Governor Jim Justice for his approval. In essence, the bill gives a legal definition to the new technologies that constitute as monetary instruments, most notably instruments such as bitcoin operating “independently of a central bank.” House B...

Full article: https://news.bitcoin.com/west-virginia-bill-define-bitcoi...

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