Cryptocurrency Rights Bill Introduced in Virginia

A measure that seeks to safeguard the cryptocurrency rights of the citizens has been introduced to the Senate of Virginia. The bill, sponsored by State Sen. Saddam Azlan Salim, would warrant that citizens tin self-custody, transact, mine, and wage with cryptocurrency, besides exempting cryptocurrency transactions of little than $200 from paying authorities superior gains tax.

Virginia State Senator Introduces Cryptocurrency Rights Bill

Saddam Azlan Salim, a authorities legislator successful Virginia, has introduced a measure that aims to impede authorities authorities from blocking its citizens from exerting antithetic cryptocurrency and bitcoin-linked activities. Senate Bill 339 (SB 339), introduced connected January 9, establishes that citizens volition not necessitate a money-transferring licence to run staking oregon mining instrumentality astatine the authorities level.

Also, the measure proposes to warrant the rights that citizens of the aged dominion person to tally their cryptocurrency node, transact and marque payments with cryptocurrencies, and person custody of their crypto assets. In addition, it introduces an exemption of superior gains taxes for transactions nether $200.

The measure is precise akin to different bills introduced successful states similar Missouri, Nebraska, and Indiana, supported by the Satoshi Action Fund, a non-profit seeking to pass policymakers and regulators astir the benefits of Bitcoin and mining.

However, dissimilar the different bills, this 1 introduces a caller element, calling authorities authorities to “convene a enactment radical for the intent of studying and making recommendations related to blockchain technology, integer plus mining, and cryptocurrency enactment successful the Commonwealth.”

Dennis Porter, co-founder and CEO of the Satoshi Action Fund, which was progressive successful this action, celebrated this advancement, stating that these states were taking a basal for the close to usage Bitcoin.

Porter besides reiterated the organization’s volition to walk akin laws successful astatine slightest 13 states. He declared:

We person truthful galore states looking to walk laws that we request to rise much wealth to enactment those efforts.

What bash you deliberation astir the instauration of SB 339 successful Virginia? Tell america successful the comments conception below.