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U.S. Virginia Senate unanimously passes historic crypto banking bill – Finbold

20 points by throwoutway 5y ago

withinboredom 5y ago
Oh boy. So now banks could conceivably create their own “virtual currency” with its own conversion rate. “Do you accept USD or BoAD?” Where BoAD give the customer a “bonus” and merchants know the dollar belongs to a real person and not a criminal or some BS. I’m so glad I don’t live in the US anymore…
- PretzelPirate 5y ago
  For clarification, this is what it actually allows: > In general, H.B. 263 “permits banks in the Commonwealth to provide virtual currency custody services so long as the bank has adequate protocols in place to effectively manage the associated risks.” There are already many large financial institutions looking into this, so it makes sense for Virginia to allow it as long as financial risk management is properly planned.
  - withinboredom 5y ago
    Yes. But now they can mint their own coins and be custodians of those coins. It’s the easiest way to manage risks.
    - moltke 5y ago
      I think this could be very good for Virginia. It gives them a significant amount of independence from the Federal Government.
      - withinboredom 5y ago
        Is that a feature you really want in a bank though?
        moltke 5y ago
        Yes, I think the local banks will serve the interests of the local people better.
        withinboredom 5y ago
        If a bank is independent of any government, then the government can’t control the flow of currency to prevent runaway inflation. It can’t do things it needs to do. You don’t want an “independent” bank. A bank has always been a safe way to store assets (gold, trusts, etc) and I think as long as the bank is storing “virtual currencies” nothing really changes. It’s when it allows you spend those currencies like cash that it will probably become a problem.
        moltke 5y ago
        This is already the case with the bank that issues the Dollar.
polski-g 5y ago
Let a bank hold your wallet? Then what's the point of crypto over USD?
- Lammy 5y ago
  Because then the bank can punish the Bad People when they do things against the will of government, and track where they spend their money and shut those places down too. It’s kinda like their credit score but based on social behavior instead of financial behavior. Surely this would never also be applied to me, because I have all the correct opinions all of the time according to my Twitter filter-bubble.

20 points by throwoutway 5y ago

Oh boy. So now banks could conceivably create their own “virtual currency” with its own conversion rate. “Do you accept USD or BoAD?” Where BoAD give the customer a “bonus” and merchants know the dollar belongs to a real person and not a criminal or some BS. I’m so glad I don’t live in the US anymore…

PretzelPirate 5y ago
For clarification, this is what it actually allows: > In general, H.B. 263 “permits banks in the Commonwealth to provide virtual currency custody services so long as the bank has adequate protocols in place to effectively manage the associated risks.” There are already many large financial institutions looking into this, so it makes sense for Virginia to allow it as long as financial risk management is properly planned.
- withinboredom 5y ago
  Yes. But now they can mint their own coins and be custodians of those coins. It’s the easiest way to manage risks.
  - moltke 5y ago
    I think this could be very good for Virginia. It gives them a significant amount of independence from the Federal Government.
    - withinboredom 5y ago
      Is that a feature you really want in a bank though?
      - moltke 5y ago
        Yes, I think the local banks will serve the interests of the local people better.
      - withinboredom 5y ago
        If a bank is independent of any government, then the government can’t control the flow of currency to prevent runaway inflation. It can’t do things it needs to do. You don’t want an “independent” bank. A bank has always been a safe way to store assets (gold, trusts, etc) and I think as long as the bank is storing “virtual currencies” nothing really changes. It’s when it allows you spend those currencies like cash that it will probably become a problem.
        moltke 5y ago
        This is already the case with the bank that issues the Dollar.

polski-g 5y ago

Let a bank hold your wallet? Then what's the point of crypto over USD?

Lammy 5y ago
Because then the bank can punish the Bad People when they do things against the will of government, and track where they spend their money and shut those places down too. It’s kinda like their credit score but based on social behavior instead of financial behavior. Surely this would never also be applied to me, because I have all the correct opinions all of the time according to my Twitter filter-bubble.