State Banks in Virginia Are Allowed to Store Crypto

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A new bill allowing state banks to provide services for the storage of virtual currency has already been approved in Virginia by Governor Glenn Youngkin.

The law, which will go into effect on July 1, will allow banks in Virginia to hold the keys to someone’s crypto wallet, according to Republican delegate Chris Head, who introduced it.

According to the bill, banks will have to have “adequate protocols” and “carefully study the risks.”

Democratic Delegate Mark Kemm has said:

“I think this is a great way for our state and the rest of the country to start adopting cryptocurrencies. We wanted people to identify this as something that could have a physical aspect. You can go to the bank to deposit your virtual currency, and the bank will store it in a safe.”

Although most people are unhappy with the novelty of blockchain technology, everyone is familiar with banks.

Chris Head has said the bill would give Virginia a significant advantage:

“Cryptocurrency is something that everyone should pay attention to. This is a new economic asset, the popularity of which is growing and which has a significant potential for economic development.”