The Virginia Senate approved a cryptocurrency banking bill this week. Del. Chris Head, the bill’s sponsor got an idea for the cryptocurrency bill from the Texas regulation. It was already legislated by the state’s House of Delegates. In addition to this, it is anticipated that Gov. Glenn Youngkin will sign it in seven days probably. It was overwhelmingly accepted by the government.
According to FOX News, Chris Head, R-Roanoake said “I came up with the idea for HB 263 last summer after reading about how Texas was addressing the issue of cryptocurrency and who is entitled to hold the keys to one’s cryptocurrency purse”. Nonetheless, Head added that he discovered Texas being the only state that has handled cryptocurrency custodian services legislatively. They tackled the services through a regulatory process.
What more Del. Chris Head has to say
Head told FOX News Digital that the bill will allow state-chartered banks to hold keys to one’s cryptocurrency purse. It will provide the ability for the banks to become custodians of cryptocurrency through legislation. Virginia will become the first in the country to profile this ability which will put it at a considerable advantage regionally and nationwide.
Additionally, Delegate shares his view by saying that cryptocurrency is something to which everyone should pay attention; it is an emerging economic asset that is growing in popularity. He added that it has significant potential for economic development in areas that embrace it
According to the Head, as a small business owner, he is always looking for the potential in policies to create opportunities for jobs, business development, and economic success. He pinpointed the benefits of cryptocurrency by saying that cryptocurrency has the potential to do just that.
Cryptocurrency bill cleared by Senate on 3rd March
On the other hand, the House of Delegates passed the historic bill on February 2. Whereas, the Virginia Senate passed it on 3rd March by a vote of 39-0. But Youngkin outlawed the measure. Interestingly, federal bank officials want to clarify regulations in 2022.