Cryptocurrency Rights Bill Introduced in Virginia

A bill 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 guarantee that citizens can self-custody, transact, mine, and pay with cryptocurrency, also exempting cryptocurrency transactions of less than $200 from paying state capital gains tax.

Virginia State Senator Introduces Cryptocurrency Rights Bill

Saddam Azlan Salim, a state senator in Virginia, has introduced a bill that aims to impede state authorities from blocking its citizens from exerting different cryptocurrency and bitcoin-linked activities. Senate Bill 339 (SB 339), introduced on January 9, establishes that citizens will not require a money-transferring license to operate staking or mining equipment at the state level.

Also, the bill proposes to guarantee the rights that citizens of the old dominion have to run their cryptocurrency node, transact and make payments with cryptocurrencies, and have custody of their crypto assets. In addition, it introduces an exemption of capital gains taxes for transactions under $200.

The bill is very similar to other bills introduced in states like Missouri, Nebraska, and Indiana, supported by the Satoshi Action Fund, a non-profit seeking to inform policymakers and regulators about the benefits of Bitcoin and mining.

However, unlike the other bills, this one introduces a new element, calling state authorities to “convene a work group for the purpose of studying and making recommendations related to blockchain technology, digital asset mining, and cryptocurrency activity in the Commonwealth.”

Dennis Porter, co-founder and CEO of the Satoshi Action Fund, which was involved in this action, celebrated this advancement, stating that these states were taking a stand for the right to use Bitcoin.

Porter also reiterated the organization’s intention to pass similar laws in at least 13 states. He declared:

We have so many states looking to pass laws that we need to raise more money to support those efforts.

What do you think about the introduction of SB 339 in Virginia? Tell us in the comments section below.