West Virginia House Bill 2585 for digital currency money laundering



Site Admin
Apr 2017
In West Virginia, lawmakers completed a money laundering bill, which would make it a felony to use Bitcoin or other cryptocurrencies for money laundering.

West Virginia House Bill 2585 updates the state's anti-money laundering statues, specifically creating a definition for cryptocurrency and recognizing it as a 'monetary instrument' in the state. The definition in the bill 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 state's lower chamber passed the bill with a 78-21 vote, and the senate approved the measure unanimously with a 34-0 vote. The bill will become law if approved by Jim Justice, the state's Democratic governor.

Following in the footsteps of Arizona, New Hampshire, and Nevada, West Virginia, more states are passing bills focused on digital currency and blockchains.
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