While there are a few countries who have outrightly banned exchanges from offering bitcoin and ICOs without following due process, Virginia State Senator Glen Sturtevant has filed a new bill that calls for a study on the impact of cryptocurrency on its Virginian users. The findings of the study would enable the state to understand the best way to regulate the new love of the people; bitcoin.
The Best Way to Go
Senator Glen Howard Sturtevant, Jr. has introduced a new bill to the Senate of Virginia on January 17, 2018. The partisan bill has been sent to the State Senate’s Rules Committee and, if approved, the law would seek to evaluate how the growth of cryptocurrencies and their use impacts on the Virginian people.
The reason for introducing the bill is knowing whether lawmakers “should establish a system to protect the citizens of the Commonwealth from any existing or potential adverse effects from engaging in transactions involving cryptocurrencies.” In essence, the outcome of the study will determine the next steps to be followed by the Virginian authorities.
The bill’s text reads:
“In its study, the State Corporation Commission shall (i) determine whether the General Assembly should establish a system to protect the citizens of the Commonwealth from any existing or potential adverse effects from engaging in transactions involving cryptocurrencies and other digital currencies and (ii) if it determines that the establishment of such a system is appropriate, identify legislation or regulations that would establish the system. The State Corporation Commission shall complete its study and shall report its findings to the members of the General Assembly by December 1, 2018.”
Virginia Beach is one of the many states in the U.S. with strong support for bitcoin and other cryptocurrencies. On January 17, 2018, the Virginia Beach Development Authority City invested $500,000 into a local company’s bitcoin mining facility.
The State Corporation Commission has an enormous task ahead of it, in ensuring that whatever regulations it formulates must be favorable to the Virginian people because their love for bitcoin is unending.
The good thing about the bill is that it goes a long way in demonstrating to other cities of the world that the cryptocurrency ecosystem is slowly but steadily coming of age, therefore in regulating the sector, due diligence and the rule of law must be appropriately followed, after all, right citizens use bitcoin too.